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Twitter reports mixed Q1 results after Elon Musk deal

The company reported revenue of $1.2 billion, below analysts' average estimate of $1.23 billion, according to IBES data from Refinitiv.

April 29, 2022 / 07:25 AM IST
(Representative Image)

(Representative Image)

Twitter released mixed first-quarter results Thursday, with revenues missing estimates but active users rising, three days after agreeing to be acquired by Elon Musk.

The micro-blogging platform reported profits of $513.3 million, more than seven times the year-ago level following a one-time gain from a divestiture. Revenues rose 16 percent to $1.2 billion, a bit below the $1.22 billion expected by analysts.

Twitter's count of active users rose to 229 million, a bit above analyst expectations.

The results are expected to be among Twitter's final earnings reports following the Musk deal, which is anticipated to close in 2022. In the wake of the deal, Twitter canceled its quarterly earnings conference call with analysts.