US social media company Twitter has posted an operating loss of more than 100 million dollars for the January-March quarter.

Twitter released its quarterly earnings report on Thursday, three days after the firm agreed to a buyout offer from Tesla CEO Elon Musk.

Twitter's revenue rose 16 percent to 1.2 billion dollars in the three months through March compared with the same period last year.

But an increase in development costs led to the operating loss of 127 million dollars.

Twitter refrained from holding a news conference on Thursday, citing procedures for the deal reached with Musk.

The company posted net losses in 2021 for a second consecutive year.

Investors are expecting Musk, who is leading Tesla and space exploration firm SpaceX, to turn Twitter around.