In what may turn out to be one of its final reports as a public company, Twitter issued its earnings for the first quarter of 2022.
The social media platform, which is in the process of finalizing a sale to Tesla CEO Elon Musk, reported revenue of $1.2 billion, just short of its forecast of $1.23 billion.
Despite falling short of revenue targets, Twitter beat earnings per share estimates, at 4 cents, adjusted, compared to the 3 cents expected.
These results were expected to be revealed in an earnings call at 8 a.m. EST on Thursday, April 28th. However, with Musk’s deal on hold, Twitter rescinded the call, along with the shareholder letter and financial guidance that usually accompanies it via email. press release.
Active users on Twitter have been wrong for three years
The social media company’s press release also reported that the number of daily active users (mDAUs) had been erroneously calculated since 2019. The confusion stems from a feature launched in March 2019 that allowed people to link several separate accounts together to easily switch between them. .
This miscalculation was reported to be between 1.4 and 1.9 million additional users per quarter over that period.
According to the release, “An error occurred at that time, such that actions taken across the primary account resulted in all linked accounts being counted as mDAU. This resulted in an overestimation of mDAU from Q1 2019 through Q4 2019.” “
However, Twitter reported 229 mDAUs in the first quarter of 2022, which is an increase of 10 million in the last quarter and an increase of 15.9% from the first quarter of 2021.
Pending sale, Twitter makes no predictions for the future
Because of Musk’s pending acquisition, Twitter said it “will not provide any forward-looking guidance and has withdrawn all previously provided goals and projections.”
The deal with Musk, which agreed to sell the company for $54.20 per share, has been approved by the board of directors and is expected to close before the end of the year.
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