The three-month financial results of Twitter, a major American social media company, fell into the red due to sluggish Internet advertising revenue.
Uncertainty over the acquisition plan by entrepreneur Elon Musk and related costs also put pressure on earnings.
On the 22nd, Twitter announced its financial results for the three months from April to last month.
Sales were $ 1.176.66 million, or about 160 billion yen in Japanese yen, down 1% from the same period last year.
The final profit / loss was 270 million dollars, which was a deficit of more than 36 billion yen in Japanese yen.
This is due to sluggish revenue from Internet advertising, increased costs such as development costs, and uncertainty and acquisition over the acquisition plan by American electric car maker Tesla CEO and entrepreneur Elon Musk. The main factor was that the associated costs weighed on revenue.
Twitter has postponed the press conference, saying that Mr. Musk's acquisition process has been put on hold.
In its financial statements, the company once again points out that Mr. Musk's withdrawal of the acquisition is invalid and unjustified, claiming that the acquisition can be completed with the approval of shareholders.
Twitter has sued Mr. Musk for the acquisition, which will be heard in October, but the trial cannot predict when the acquisition will be completed.