(Twitter) Twitter reported a net revenue of $1.20 billion in the first quarter of 2022, representing a gain of 16% from the previous year.
The company said its advertising revenue was $1.11 billion, a gain of 23% or 26% on a constant currency basis. Subscription and other revenues fell by 31% to $94 million.
Twitter said it swung into an operating loss of $128 million, compared to an income of $52 million in the prior year. The loss reflected a 35% increase in costs and expenses, which hit $1.33 billion.
The social media giant reported a net income of $513 million or diluted EPS of $0.61, up from a net income of $68 million or $0.08 per share in the prior year.
Twitter affirmed that it entered into a definitive agreement to go private at $54.20 per share after a bid by Elon Musk. The company expects the deal to close later this year.
TWTR is up +1.03% on premarket
