After Elon Musk, CEO of US electric vehicle maker Tesla, submitted a $44 billion bid to buy Twitter two days ago, the company withdrew all its previously announced annual targets and forecasts.
Twitter announced that the number of daily active users in the first quarter ending March 31 increased to 229 million. The median estimate of analysts was that this number would be 226.8 million.
However, the company’s first quarter revenue, which was announced as $1.2 billion, fell short of analysts’ median estimate of $1.23 billion.
The company’s first-quarter net profit came in at $513.3 million, or 61 cents per share. Net profit for the same period of the previous year was $68 million, or 8 cents per share.
RISE AFTER STOCK OPENING
Shares of the San Francisco-based company rose nearly 0.7% in trading before the US stock market opened.
Investors were worried that Elon Musk might abandon his bid to buy Twitter for $44 billion. (Reuters)