The company on Friday reported revenue of $1.18 billion for the three months ending in June, a decline of 1% from the prior year. Twitter attributed the sales drop in part to “uncertainty” related to Musk’s pending acquisition, which he is currently fighting to get out of.
Investors appeared to have a more muted reaction to Twitter’s numbers. Shares of Twitter were down about 2% in pre-market trading Friday following the report.
While revenue declined, Twitter’s user base continued to grow. The company’s monetizable daily active users grew more than 16% on a yearly basis to 237.8 million during the quarter. However, Twitter posted a net loss of $270 million during the quarter, up from a profit of $66 million during the same quarter in the prior year.
Due to the pending acquisition by Musk, Twitter did not provide financial guidance for the upcoming quarter nor host an earnings call with Wall Street analysts. Prior to the dispute between Twitter and Musk, the acquisition had been expected to close before the end of this year.