Twitter blames Elon Musk for making it lose money - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/07\/22\/twitter-blames-elon-musk-for-making-it-lose-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Twitter blames Elon Musk for making it lose money - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: Twitter would have earned more money over the past few months if Elon Musk hadn\u2019t been in the picture. At least, that\u2019s what the company says in its Q2 earnings release this morning, citing Musk as a factor in its revenue results, which fell year over year to $1.18 billion from $1.19 billion. 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\n

Twitter would have earned more money over the past few months if Elon Musk hadn\u2019t been in the picture. At least, that\u2019s what the company says in its Q2 earnings release<\/a> this morning, citing Musk as a factor in its revenue results, which fell year over year to $1.18 billion from $1.19 billion.<\/p>\n
That\u2019s not the only reason Twitter is experiencing revenue problems. The company also cites ad industry problems \u2014 see Snap\u2019s poor performance<\/a> yesterday \u2014 and the general economic environment. But \u201cuncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk\u201d is the most Twitter-specific problem on the list.<\/p>\n
\nAd sales are reportedly in \u201cdisarray\u201d<\/q><\/aside>\n<\/div>\nMusk entered into an agreement to buy Twitter in April, and he\u2019s been trying to back out of it since just weeks afterward. Finally, Musk filed with the Securities and Exchange Commission in an attempt to formally end the deal earlier this month, and the two parties are now headed to court in October. Twitter hopes to make Musk follow through with the acquisition, which would come at a premium over the company\u2019s current share price.<\/p>\nFor the time being, though, the chaotic acquisition seems to be making it more difficult for Twitter to sell ads. Bloomberg <\/em>previously reported<\/a> that Twitter was trying its best to calm advertisers\u2019 concerns about how Musk might change the platform, while Ad Age<\/em> reported<\/a> more recently that the drama has sent the company\u2019s ad sales into \u201cdisarray.\u201d<\/p>\n
That all said, Twitter\u2019s ad sales were still up 2 percent year over year, even if overall revenue was down. But the company needs to grow ad sales revenue a lot faster. Twitter reported a net loss of $270 million, down from a profit of $66 million during the same quarter last year. The revenue figure is a lot worse when looking at the growth trajectory. This time last year, Twitter\u2019s revenue grew by 74 percent year over year. Now it\u2019s shrinking.<\/p>\n
One thing Twitter won\u2019t<\/em> give Musk credit for? Its user growth. The service reported reaching more than 237 million daily users, up from 229 million last quarter. That, of course, was due to \u201congoing product improvements.\u201d<\/p>\n<\/div>\n

<\/br><\/code><\/p>\n
Source: https:\/\/www.theverge.com\/2022\/7\/22\/23273922\/twitter-q2-2022-earnings-elon-musk-advertisers<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
Source: Twitter would have earned more money over the past few months if Elon Musk hadn\u2019t been in the picture. At least, that\u2019s what the company says in its Q2 earnings release this morning, citing Musk as a factor in its revenue results, which fell year over year to $1.18 billion from $1.19 billion. That\u2019s […]<\/p>\n","protected":false},"author":1,"featured_media":10493,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","om_disable_all_campaigns":false,"pagelayer_contact_templates":[],"_pagelayer_content":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[17,8],"tags":[18],"class_list":["post-10492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tech","category-technology","tag-tech"],"yoast_head":"\nTwitter blames Elon Musk for making it lose money - Science and Nerds<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/scienceandnerds.com\/2022\/07\/22\/twitter-blames-elon-musk-for-making-it-lose-money\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Twitter blames Elon Musk for making it lose money - Science and Nerds\" \/>\n<meta property=\"og:description\" content=\"Source: Twitter would have earned more money over the past few months if Elon Musk hadn\u2019t been in the picture. 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