Heard on the Street: Twitter declined to write a shareholder letter or host an earnings conference call even as it has a lot of explaining to do
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That implies a lot of downside for a business that seems to be performing worse than all of them. Oddly, Twitter declined to write a shareholder letter or host a conference call at a time when it has a lot of explaining to do. If it loses Mr. Musk,Mr. Musk’s focus, bots and spam, are less-consequential than other challenges the company faces. Pre-Musk, Twitter was working toward three goals to right its flailing business by the end of next year: surpassing $7.
As for new technology, Twitter’s results thus far this year don’t indicate advertisers are all that excited about what has already been rolled out. Features on the consumer side don’t look any better: Sensor Tower estimates the company’s subscription platform, Twitter Blue, as well as Super Follows and Ticketed Spaces have helped yield a grand total of just $3.7 million in worldwide consumer spending on Twitter’s mobile app since early June 2021.
Unlike some of its competitors, Twitter isn’t as threatened by a pullback in advertising. As of the fourth quarter of last year, company disclosures implied only about 15% of its ads were direct response, or those meant to elicit immediate clicks or purchases. In a cash-starved market, these types of ads are quick to be cut from advertisers’ budgets. But, given new tracking restrictions, they offer the best way for social-media platforms to demonstrate return on advertisers’ investments.
Who exactly is taking ownership for these issues? One of the few things Twitter did do in its scant earnings release was blame both the economy and Mr. Musk for its poor performance. Meanwhile, its possible new owner hasn’t mentioned Twitter on Twitter for nearly two weeks. He seems to have moved back on to the potential of Tesla…and Mars.
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