Twitter revenue climbs to $1.2 bn, daily users grow 16%

Twitter on Thursday posted quarterly earnings of $513 million days after it agreed to be sold to billionaire Elon Musk. The social media company said Thursday that revenue rose 16 percent to $1.2 billion in the three months to March compared with the same period last year.


Twitter, based in San Francisco, reported an average of 229 million daily active users in the quarter, up 16 percent from last year. Musk's $44 billion deal to buy Twitter was announced earlier this week and the deal is expected to close later this year.

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Twitter cancelled the conference call with executives and industry analysts that usually accompanies its results, so there will be a little further insight into the company's current financial condition.