Twitter’s earnings just came out and the company posted a big miss on revenue and slashed its outlook.
In the first quarter, Twitter’s revenue hit $US436 million, missing expectations for $US456 million, according to estimates from Bloomberg.
The company also cut its revenue outlook for the second quarter to $US470-$US485 million, well below expectations for revenue of $US538.1 million. For the full-year, the company sees revenue totaling $US2.17-$US2.27 billion against a prior outlook for $US2.32-$US2.35 billion.
The report leaked early from research firm Selerity, which tweeted out Twitter’s earnings at around 3:07 pm ET on Tuesday. Selerity tweeted that it got its information off Twitter’s investor relation website.
In afternoon trade on Tuesday, shares of Twitter were down as much as 6% to $US48.50 per share following the apparent leak. At 3:28 pm ET, the stock was halted for trade, news pending.
Twitter’s first quarter adjusted earnings came in at $US0.07, better than the $US0.04 that was expected.
Average monthly active users totaled 241.6 million, below the 243 million that was expected, according to Selerity, while monthly active users hit 302 million, in-line with estimates.
Here’s the sharp drop in Twitter stock on Tuesday afternoon.
Via Selerity’s Twitter account, here was the breakdown on Twitter’s first quarter earnings that leaked early.
Business Insider Emails & Alerts
Site highlights each day to your inbox.