The surge in net income was driven by $970m in pre-tax gain from the sale of monetisation solutions provider MoPub for $1.05bn and income taxes associated with the gain of $331m; Twitter’s revenue for Q1 2022 was up by 16% YoY to $1.2bn
Twitter earned revenue of $1.2bn in Q1 2022. (Credit: Photo Mix from Pixabay)
Twitter registered a net income of $513.28m for the first quarter of 2022, surging by 655% from a net income of $68m in the same quarter of the previous year.
Its net income included $970m in pre-tax gain from the sale of monetisation solutions provider MoPub to AppLovin for $1.05bn and income taxes associated with the gain of $331m.
The diluted net income per share of the microblogging platform for the reported quarter ended 31 March 2022 was $0.61, an increase of 662.5%, compared to a net income per share of $0.08 for the corresponding quarter of the previous year.
Twitter reported a 16% growth in its revenue for Q1 2022 at $1.2bn compared to $1.03bn made in the same quarter of the previous year. The company said that the Q1 2022 revenue reflected headwinds associated with the Russian war in Ukraine.
The social media firm’s advertising revenue in the reported quarter was up by 23% year-over-year (YoY) to $1.11bn. Its subscription and other revenue dropped by 31% YoY to $94m.
Twitter recorded an average monetisable daily active usage (mDAU) of 229 million for Q1 2022, which is an increase of 15.9%, compared to the same quarter of the previous year.
Earlier this week, the social media firm agreed to be acquired by American billionaire Elon Musk for $44bn. As per the terms of the transaction, the Tesla and SpaceX founder will pay Twitter’s shareholders an amount of $54.2 per share in cash.
The deal will result in the microblogging platform becoming a privately held company. Subject to customary conditions and regulatory and stockholders’ approval, the deal is anticipated to close this year.