Twitter released its Q1 2022 earnings on Thursday, reporting a ~16% increase in monetized daily active users (mDAU). The social media company, which recently accepted a $44B buyout offer from Tesla CEO Elon Musk, reported Q1 revenue of $1.2B, up 16% YoY. Ad revenue totaled $1.11B, up 23% YoY. Subscription and other revenue totaled $94M, a 31% decrease YoY. More: - Twitter’s costs and expenses totaled $1.33B, up 35% YoY, resulting in an operating loss of $128M and -11% operating margin.
- Stock-based compensation grew 60% YoY to $177M, about 15% of total revenue.
- Net income came in at $513M, or 61 cents a share, up from $68M reported last year.
- Net income includes a pre-tax gain of $970M from the sale of MoPub and income taxes related to the gain of $331M.
- Twitter closed the $1.05B sale of MoPub to AppLovin Corp. in January.
- Twitter’s average mDAU was 229 million in Q1, up 15.9% YoY.
- U.S. mDAU was 39.6 million, up 6.4% YoY.
- International mDAU was 189.4 million, up 18.1% YoY.
- The company revealed it had miscalculated mDAU from Q1 2019 through Q4 2021 due to an error related to a feature launched in March 2019 that allowed users with multiple accounts to switch between accounts easily.
- The error resulted in mDAU being overstated by 0.3 million to 1.9 million during that period.
- Twitter said it would not provide any forward-looking guidance and will withdraw all previously provided goals and outlook pending its acquisition by Elon Musk.
- Twitter shares were up ~2% by afternoon trading; it closed at $49.11, up ~1% for the day.
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U.S. GDP contracted 1.4% in Q1, marking its first decline since spring 2020, when COVID-19 shutdowns slowed the U.S. economy. Analysts were expecting a gain of 1%. Consumer spending, which accounts for about two-thirds of the U.S. economy, rose 2.7%. More: - A growing trade deficit, which hit a record high in March, took about 3.2 percentage points off GDP.
- Exports fell 5.9%, and imports rose 17.7%.
- An 8.5% drop in defense spending added to the decrease in GDP.
- The GDP report is not expected to change the Fed’s plans to raise interest rates more aggressively this year.
- Fed officials are scheduled to meet on May 3.
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Apple reported its Q2 FY2022 earnings after market close on Thursday, beating analysts’ expectations across the board. The iPhone maker reported net sales of $97.3B, a 9% increase YoY. Operating income came in at ~$30B, up ~9% YoY. Net income was $25B or $1.52 a share, up ~6% YoY. More: - iPhone revenue was $50.57B, up 5.5% YoY.
- Mac revenue was $10.44B, up 14.7% YoY
- iPad revenue was $7.65B, up 1.92% YoY
- Other products' revenue (including the Apple watch, home, and accessories) was $8.81B, up 12.4% YoY.
- Services was $19.8B, up 17.3% YoY.
- Apple said it expects supply-chain constraints to have a $4B to $8B impact on net sales in the current quarter.
- Apple shares were down over 2% in after-market trading. It closed at $163.64.
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Amazon released its Q1 2022 earnings after market close on Thursday, reporting its slowest revenue growth in two decades. The e-commerce giant reported net sales of $116.4B, a 7% increase YoY. Operating income came in at $3.7B, down 58% YoY. The company reported a net loss of $3.8B or $7.56 a share, compared to a net income of $8.1B last year. More: - Amazon Web Services generated $18.4B in sales, up 36% YoY.
- The company increased the price of its U.S. Prime membership from $119 to $139, its first increase in four years.
- This year’s Prime Day will happen in July.
- Amazon reported a $7.6B loss on its Rivian investment after shares of the EV start-up lost more than half their value in Q1.
- Amazon expects Q2 net sales to fall between $116B to $121B.
- Amazon shares dropped over 12% in after-market trading.
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Chinese regulators have granted driverless robotaxi licenses to online search company Baidu and Toyota-backed Pony.ai to operate in Beijing. The vehicles must have a safety supervisor in them while they are in motion. The supervisor does not need to be behind the wheel. More: - The 14 vehicles are allowed to operate in a 60-square-km (~23.2-square-mile) zone in the Yizhuang district in Beijing.
- Baidu said the regulatory approval marks a significant milestone for the autonomous ride-hailing industry in China, bringing a future of fully driverless mobility closer.
- Baidu has partnered with state-owned automaker BAIC Group to offer an autonomous driving operating system called Apollo.
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McDonald's released its Q1 2022 earnings on Thursday, beating analysts’ expectations on revenue and profits. The fast-food giant reported net sales of $5.67B, up 11% YoY. Net income came in at $1.1B or $1.48 a share, down 28% YoY. More: - McDonald's temporarily suspended operations and closed its restaurants in Ukraine and Russia in Q1 due to the ongoing conflict in the region.
- The company reported a $100M charge for inventory in its supply chain that would likely go bad due to the temporary closures.
- McDonald's spent $27M to pay for employee wages, leases, and supplier costs in Russia and Ukraine.
- The closures lowered the company’s earnings per share by 13 cents. McDonald's generates about 9% of its total revenue from its operations in Russia.
- Global same-store sales rose 11.8% YoY. U.S. same-store sales rose 3.5% YoY.
- McDonald’s shares closed at $254.19, up 2.8% YoY.
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- President Biden said he is closing in on a decision to eliminate student-loan debt but stressed any loan forgiveness would be less than $50,000.
- California has subpoenaed Exxon Mobil for information relating to the company’s alleged role in deceiving the public and worsening plastics pollution.
- President Biden has asked Congress to provide $33B for military, economic, and humanitarian aid to Ukraine, as well as the power to seize and sell the assets of wealthy Russians.
- On Thursday, Georgia Governor Brian Kemp signed into law SB 220, legislation requiring high school students to take a personal finance class before they can graduate. Starting in the 2024 to 2025 academic year, 11th- and 12th-grade students will need at least a half-credit financial literacy course to be eligible for graduation.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com |  | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
Laika is a unified compliance platform that automates workflows for audits, infosec monitoring, and vendor due diligence in a single, collaborative space. | |
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