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Twitter said costs related to the Musk acquisition were approximately $33 million in Q2. It's also not hosting a conference call with analysts to discuss the earnings results. Given the pending acquisition by Musk, Twitter said it will not provide forward-looking guidance for the third quarter. On Thursday, Snap reported disappointing second-quarter results, and said it plans to slow hiring due to weakening revenue growth, causing its shares to plunge 25% in extended trading. Twitter and other social media companies with a heavy reliance on advertising have felt the weight of economic challenges, as fears around inflation, interest rate concerns, continued supply chain issues and the war in Ukraine led some advertisers and brands to adjust their ad spend. The company partially blamed the revenue drop on ad industry headwinds tied to the broader challenging macroeconomic environment, as well as "uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk."
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It marked Twitter's biggest revenue miss ever, with results coming in 11% below estimates, according to Refinitiv. Wall Street had expected $1.32 billion, representing 10.5% growth year over year. Twitter said revenue slid 1% year over year to $1.18 billion. Monetizable Daily Active Users (mDAUs): 237.8 million vs 238.08 million expected, according to Refinitiv.Revenue: $1.18 billion vs $1.32 billion.Earnings per share: A loss of 8 cents, adjusted, vs expected earnings of 14 cents, according to a Refinitiv survey of analysts.