Twitter, Inc. (TWTR) recorded an average monetizable daily active usage or mDAU of 229.0 million for its first quarter, up 15.9% from last year. Average US mDAU was 39.6 million, up 6.4%. Average international mDAU was 189.4 million, up 18.1%. Revenue increased 16% year-over-year, or 19% on a constant currency basis, reflecting headwinds associated with the war in Ukraine. When excluding MoPub and MoPub Acquire, year-over-year revenue growth was 22%. Costs and expenses rose 35% year-over-year resulting in an operating loss of $128 million for the quarter, compared to an operating income of $52 million, last year.
First quarter net income was $513.29 million, or $0.61 per share compared to $68.01 million, or $0.08 per share, prior year. In the first quarter of 2022, the company recorded a $970 million pre-tax gain on the sale of MoPub asset group and related income tax expense of $331 million. Non-GAAP net income per share was $0.90 compared to $0.16, a year ago. Analysts on average had expected the company to earn $0.03 per share, according to figures compiled by Thomson Reuters. Analysts’ estimates typically exclude special items.
The company’s revenue for the quarter rose 15.4% to $1.20 billion from $1.04 billion last year. Analysts on average had estimated $1.22 billion in revenue. Advertising revenue was $1.11 billion, an increase of 23%, or 26% on a constant currency
Twitter noted that, given the pending acquisition of the company by Elon Musk, it will not be providing any forward looking guidance. Also, the company is withdrawing all previously provided goals and outlook. Upon completion of the deal, Twitter will become a privately held company.
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