Twitter blames Ukraine war for lower-than-expected result in 1Q2022 | #cybersecurity | #cyberattack

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Social media platform Twitter has reported first-quarter revenue of US$1.2 billion (A$1.7 billion), up 16% year-on-year, in its first results announcement after Elon Musk’s acquisition of the company.

The figure, announced on Thursday, was somewhat short of what had been predicted by analysts. Twitter put this down to “headwinds associated with the war in Ukraine”.

Expenses and costs were put at US$1.33 billion, resulting in an operating loss of US$128 million.

The company said it had overstated its user numbers by about two million for about three years. A similar error was admitted to in 2017 after having gone unnoticed for about three years.

Musk has said he would be making changes to Twitter’s business model. Given that, there were no predictions made about future revenue.

“In light of the proposed transaction with Mr Musk, as is customary during the pendency of an acquisition, Twitter will not be hosting a conference call, issuing a shareholder letter, or providing financial guidance in conjunction with its first quarter 2022 earnings release,” a statement said.

Following the acceptance of the Musk offer, there has been a deluge of negative commentary about the future of the company.

A large number of users have left the platform, mostly those who follow left-leaning accounts.

Accounts deemed to be leaning to the right have seen a growth in their followers.

The acquisition is expected to be finalised before the end of the year.

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