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Twitter revenue raises to  $1.2B, daily users grow 16%

According to the reports delivered by Twitter, the quarterly earnings of $513 billion days after it agreed to be sold to the billionaire Elon Musk. The company claimed that the revenue has increased 16% to $1.2 billion in the three months of March this year, compared to last year’s March.

The company reported an average of 229 million daily active users in the quarter, up 16% from the previous year. Elon Musk’s $44 billion deal to buy Twitter was divulged earlier this week and the deal may be closed later. There will be a little further discernment into the present financial condition of the company, as Twitter called off the conference call with executives and industry analysts that usually assists its results.

It has been expected by the analysts that Twitter would earn 5 cents per share on revenue of $1.23 billion. They are also assuming that the company added 11 million daily active users compared with the last 3 months of the last year. Musk said that he is looking to take Twitter private. If he does so the company will no longer be obligated to shareholders or publicly report its financial results. 

A technology entrepreneur and investor, John Meyer said, “I think there is nothing better for Twitter than Musk acquiring it and ideally replacing the board, and also doubling down on investments into products and new revenue-producing provenance”, he concluded.

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