Amidst an ongoing legal battle with Elon Musk regarding an acquisition deal, Twitter increased its user base to reach 237.8 million users. According to the company, monetisable daily active users of the social networking platform increased by 16.6% compared to the second quarter of the previous year.
The social media company said on Friday that the increase in the number of users were because of the ongoing improvements in the products serviced by Twitter Inc. Conversations around the globe regarding current events related to Twitter also helped the company get a boost in the number of users.
Average monetisable daily active usage in the USA increased by 14.7% to 41.5 million users for the second quarter.
Average monitisable daily active users globally increased 17% in the second quarter compared to second quarter of the last financial year, average international mDAU is currently standing at 196.3 million.
What is monetisable daily active usage mDAU?
According to the definition provided by the company, mDAU means the number of any individual, organization, or any other accounts that are logged in or authenticated to get access to Twitter on any given day through twitter.com or any related applications.
Established in March 2006 by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams, Twitter is one of the most famous apps in the USA as nearly 12% of the entire US population use it to bather various forms of data.
Twitter on Saturday released its earnings and financial reports for the second quarter. Revenue of the social networking site went down by 1% compared to last year. The current revenue of Twitter in the second quarter is 1.18 billion dollars.
The microblogging site missed the forecasts and earnings expectations with a 1% decrease in revenue. Wall Street was expecting revenue of 1.32 billion dollars for Twitter, and this can be considered one of the biggest revenue miss by the social media company in its history. In percent terms, the traders and investors were expecting an increase of more than 10% in the revenue of Twitter when compared to last year.
According to Twitter, the ongoing legal dispute against Elon Musk, and supply chain issues created by war and pandemics contributed to the descending growth. Costs related to the proposed acquisition of the company by Elon Musk were nearly 33 million dollars in the current quarter. Expenses and costs related to severance and laying off were 19 million dollars in Quarter 2 of the current year.
Ad revenue also dipped down for Twitter as nearly all sectors got affected by pandemic, lockdown, and following economic challenges.