San Francisco - Twitter reported a net income of $513 million, or 61 cents a share as per the quarterly report issued.

Revenue rose 16% to $1.2 billion in the three months to March compared with the same period last year, though the company said the figure reflected “headwinds associated with the war in Ukraine,” without elaborating.

Twitter reported an average of 229 million daily active users in the quarter, which was about 14 million more than a revised 214.7 million daily users in the previous quarter.

Musk, who paid $54.20 for each outstanding share of Twitter, did not speak publicly on the quarterly report from his new company, probably its last as a publicly traded entity.

Twitter has struggled to consistently post profits as a public company while generating lackluster revenue growth compared to the two dominant forces in digital advertising, Google and Facebook.

Going private could give Twitter more room to experiment while focusing less on short-term profit and its stock price.
-AP