Twitter revenue falls in weakening digital ad market

Twitter Inc on Friday posted a surprise fall in revenue amid fierce competition from Apple and TikTok in a weakening advertising market, as the company wages a legal battle with Elon Musk over his $44 billion buyout deal.

The company reported second-quarter revenue of $1.18 billion, compared with $1.19 billion a year earlier.

Analysts were expecting $1.32 billion, according to Refinitiv IBES data.

The results come after Snapchat parent Snap Inc posted weak results and declined to make a forecast, citing “incredibly challenging” conditions as advertisers cut back on spending.