On Thursday, April 28, the social media giant Twitter reported its financial results for the first quarter. Net income was recorded at $513 million at a net margin of 43%.
Revenue from operations surged 16% YoY to $1.20 billion. Revenue from advertising totalled $1.11 billion representing an increase of 23% on a constant currency basis. Subscription and other revenue were recorded at $94 million i.e. a decrease of 31% YoY. Costs and expenses increased by 35% YoY to $1.33 billion.
This is expected to be the last financial report of Twitter as a public company. Recently, SpaceX founder Elon Musk bought Twitter for $44 billion which is the third-largest tech deal so far.
“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 said in a statement.
Elon Musk has released various plans & features for Twitter and has announced that he will unlock Twitter’s true potential. Twitter shares were up 1% in the premarket session on the New York Stock Exchange (NYSE).