Shares in Twitter dropped 11 per cent to their lowest since the messaging platform’s initial public offering when it failed to reverse a trend of slow user growth, shaking investor confidence that it could ever grow to the size of Facebook.
The home of the 140-character message suffered in after-hours trading when it reported first-quarter results which beat analyst expectations but disappointed on user numbers, which edged up only to 255m from 241m last quarter. Twitter reported revenue of $250m, higher than the average analyst estimate of $241.5m. The net loss, on a GAAP basis, was $132,000.
Dick Costolo, Twitter’s chief executive, said it was a “very strong first quarter”.
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