With Twitter agreeing to a takeover by Tesla CEO Elon Musk on Monday, the social media company canceled its scheduled Q1 2022 earnings call. Still, Twitter released its first-quarter 2022 results.
As per the social media company, its first-quarter revenue was $1.20 billion, up 16% year-over-year. Net income was listed at $513 million, which represents diluted earnings per share of $0.61. While its revenue was slightly lower than Wall Street’s estimates — which stood at $1.22 billion and an EPS of $0.03 per share — Twitter pulled in more users than analysts expected.
Twitter’s monetizable Daily Active Usage (mDAU), a proprietary metric adopted by the social media platform, surged to 229.0 million for Q1 2022, representing a 16% year-over-year increase. This indicated a sequential net gain of 14.3 million. Average mDAU’s in the US were 39.6 million for the first quarter of 2022, up 6.4% compared to Q1 2021.
Wall Street analysts were expecting 226.9 million monetizable DAUs in Q1 2022, as per data from StreetAccount.
While Twitter’s Q1 2022 results were quite optimistic with what seems to be strong user growth, the social media company did note that it would not be posting any forward-looking statements anymore due to its acquisition by Tesla and SpaceX CEO Elon Musk. As such, it would not be hosting a conference call, issuing a shareholder letter, or providing financial guidance in conjunction with its Q1 2022 earnings release.
The social media company also noted that Elon Musk’s acquisition of Twitter is expected to be completed this year.
“As announced on April 25, 2022, we entered into a definitive agreement to be acquired by an entity wholly owned by Elon Musk, for $54.20 per share in cash. Upon completion of the transaction, Twitter will become a privately held company. The transaction is subject to customary closing conditions and completion of regulatory review and Twitter’s stockholder approval. The transaction, which is expected to close in 2022, has been approved by the board of directors of Twitter,” the company wrote.
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