Twitter blames Musk, weak ad market for drop in revenue

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The deal uncertainty has worried Twitter's advertisers and caused chaos inside the company.

The results come as Twitter has sued Musk for dropping his offer to buy the company, and is now preparing for a legal showdown in a trial set to begin in October. The deal uncertainty has worried Twitter's advertisers and caused chaos inside the company.

Total second-quarter revenue, which also includes revenue from subscriptions, was $1.18 billion, compared with $1.19 billion a year earlier. Analysts were expecting $1.32 billion. The San Francisco-based company said bot and spam accounts represented fewer than 5% of users during the quarter, a figure it has repeated since 2013.

The company's costs and expenses jumped 31%. Expenses related to the Musk deal totaled $33 million during the quarter, and also recorded $19 million in severance-related costs.

 

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