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Twitter on Friday posted a surprise fall in revenue amid fierce competition from Apple and TikTok in a weakening advertising market, as the company wages a legal battle with Elon Musk over his $44 billion buyout deal.
The company reported second-quarter revenue of $1.18 billion, compared with $1.19 billion a year earlier.
Analysts were expecting $1.32 billion, according to Refinitiv IBES data.
The results come after Snapchat parent Snap Inc posted weak results and declined to make a forecast, citing “incredibly challenging” conditions as advertisers cut back on spending.
Developing story, more to follow.
Twitter on Friday posted a surprise fall in revenue amid fierce competition