NEW YORK – Twitter shares tumbled yesterday after the messaging platform’s quarterly update showed a slowdown in user growth.
The number of “monetisable” daily users reported by the company rose by just one million from the past quarter to 187 million, below analyst forecasts of 196 million.
Twitter shares slumped some 10% in after-hours trade.
Profits slipped to US$29 million (RM120.55 million) from US$37 million a year ago, while revenue rose 14% to US$936 million.
The company, nonetheless, pointed to strong growth in its user base compared with last year’s levels.
“We have grown our daily audience by 42 million in the last year as people all around the world come to Twitter to find out about the topics and events they care about most,” said chief executive Jack Dorsey.
“We’re helping people find trusted sources of information by better organising and surfacing the topics and interests that bring people to Twitter.” – AFP, October 30, 2020
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