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.