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Twitter releases 2022 first-quarter results with total revenue of $1.20 billion

Yusuf Balogun
Yusuf Balogun
Yusuf is a law graduate and freelance journalist with a keen interest in tech reporting.

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Today, the American microblogging and social networking service has officially announced its 2022 first-quarter results with total revenue of $1.20 billion, an increase of 16% year-over-year.

According to the report, the company incurred the sum of $1.33 billion on costs and expenses an increase of 35% year-over-year. This resulted in an operating loss of $128 million and -11% operating margin, compared to an operating income of $52 million or 5% operating margin in the same period of the previous year.

The stock-based compensation expense grew 60% year-over-year to $177 million and was approximately 15% of total revenue, while the net income was $513 million, representing a net margin of 43% and diluted EPS of $0.61.

Also, the company recorded a total sum of $126 million in net cash through the operating activities generated compared to $390 million recorded in 2021. For the capital expenditures, it reached $161 million, whereas it recorded $179 million last year.

However, the company further stated that in February this year, the board of directors authorized a share repurchase of up to $4.0 billion of common stock and replaced it with the previously authorized $2.0 billion share repurchase program from 2020.

Speaking about Elon Musk’s acquisition, the social networking service noted that upon completion of the transaction, Twitter will become a privately held company. Recall that a few days ago, the company officially announced the acquisition of the firm Elon Musk, for $54.20 per share in cash.

Thus, the transaction is subject to customary closing conditions and completion of regulatory review, and Twitter’s stockholder approval. The transaction, which is expected to close in 2022, has been approved by the board of directors of Twitter.

In light of the proposed transaction, Twitter will not be hosting a conference call, issuing a shareholder letter, or providing financial guidance in conjunction with its first-quarter 2022 earnings release. In addition, the firm will not be providing any forward-looking guidance and will be withdrawing all previously provided goals and outlooks.

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