Twitter posts surprise drop in revenue amid battle with Elon Musk

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Twitter on Friday reported a surprise revenue decline and steep losses in the second quarter, citing the tough economic environment and its battles with Elon Musk.

The company said it brought in $1.18 billion in revenue ― a 1 percent year-over-year drop that falls short of Wall Street’s $1.32 billion expectation ― even as the number of daily active users swelled 16.6 percent to 237.8 million. It ran a net loss of $270 million.

In Friday’s earnings release, the company said its revenue decline reflected “advertising industry headwinds associated with the macroenvironment as well as uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.”

The company did not hold a customary conference call with analysts because of ongoing litigation related to the Musk deal. Its stock fell…

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