Twitter reported an increase in both its revenue and user base amid growing questions about the company’s future after it was acquired by Elon Musk.
The social media company released its first-quarter 2022 earnings on Thursday, days after accepting Musk’s offer to purchase Twitter for $44 billion. While Musk’s acquisition will not affect the earnings report yet, it offers an insight into the direction of the company.
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The company reported a 16% increase in revenue year over year, an increase that was delineated by the effects of the Russian invasion of Ukraine on advertising revenue. The company also reported an increase in its user base, estimated to be around 229 million users, a 6% increase from the fourth quarter of 2021.
Twitter also announced it had overstated its daily user base for the last three years due to an error involving how it accounted for people with multiple accounts, which brought its fourth-quarter daily user count down to 214.7 million from 217 million.
This quarterly report could be one of the last for the company due to Musk’s private ownership of the platform.
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Twitter announced on Monday that it was accepting Musk’s offer to have all of its stocks purchased for $54.20 a share, making the billionaire the private owner of the company once the deal is finalized within the next three to six months. The sale wasn’t celebrated by all of the company’s employees, several of whom expressed their concerns at an all-hands meeting earlier this week.
