Twitter, as a public company, could be one of its last reports earnings announced Q1 2022.
The social media platform, which is closing a sale to Tesla CEO Elon Musk, reported $1.2 billion in revenue, slightly below its $1.23 billion forecast.
Despite missing its revenue target, Twitter beat earnings per share estimates, coming in at 4 cents compared with expectations of 3 cents.
Those findings are expected to be released on an earnings call on Thursday, April 28 at 8 a.m. EST. However, with the Musk deal pending, Twitter canceled the conference call, along with the shareholder letter and financial guidance that usually accompanies it. Press release.
Twitter miscalculated three years of active users
The social media company’s press release also reports that it has been miscalculating the number of monetized daily active users (mDAUs) since 2019. The confusion stems from a feature introduced in March 2019 that allows people to link together multiple separate accounts to easily switch between them.
During this period, this miscalculation incorrectly reported between 1.4 and 1.9 million additional users per quarter.
According to the press release, “An error occurred at the time whereby actions taken through the master account resulted in all linked accounts being counted as mDAUs. This resulted in inflated mDAUs from Q1’19 to Q4’21.”
However, Twitter reported a mDAU of 229 in the first quarter of 2022, an increase of 10 million from the previous quarter and a 15.9% increase from the first quarter of 2021.
For sale, Twitter offers no future outlook
Due to Musk’s pending acquisition, Twitter said it “will not provide any forward-looking guidance and is withdrawing all goals and outlooks previously provided.”
A deal with Musk to sell the company for $54.20 a share has been approved by the board and is expected to close by the end of the year.
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