Twitter plunges with shares down by 16 per cent
Twitter had 335 million monthly users in the quarter, below the 339 million Wall Street was expecting.
Twitter is plunging before the opening bell on weak user numbers, a day after a historic route at Facebook.
Shares of Twitter are down 16 percent.
Twitter had 335 million monthly users in the quarter, below the 339 million Wall Street was expecting, and down slightly from 336 million in the first quarter. That overshadowed an otherwise strong quarterly performance Friday.
Second-quarter net income hit $100.1 million, after a loss last year.
Per-share, the San Francisco company’s net income was 13 cents, or 17 cents adjusted, in line with expectations, according to a poll by Zacks Investment Research.
Revenue of $710.5 million edged out expectations.
A similar downfall has been in the case Facebook also as the social media giant saw its shares dwindling down by $120 billion in market value. However, reports also suggest that the officials aren't worried as the creator of the platform Mark Zuckerberg has strong faith that the value will soon return to the earlier level.
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