Twitter says revenue is growing, but pulls forecasts amid Elon Musk acquisition
CBSN
Twitter said on Thursday that its first-quarter revenue jumped 16% as it added more users and advertisers, but the social media company added it is pulling "all previously provided goals and outlook" due to its pending acquisition by billionaire Elon Musk.
Twitter also said it won't provide forward-looking guidance that it won't hold its customary conference call to discuss the quarterly results, citing the deal with the billionaire and Tesla CEO.
Twitter's latest financial results show that the company grew its customer and advertiser base prior to Musk's unsolicited bid, although its revenue of $1.2 billion was slightly shy of analysts' forecast of $1.23 billion, according to Factset. Twitter, which has struggled to consistently post profits as a public company, said it earned $513 million in the quarter, although that was due to an almost $1 billion gain from the sale of its MoPub unit.
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