Twitter shares are down more than 20% in pre-market trading following the release of the social media network’s first quarterly earnings statement since its initial public offering.
Although the company reported earnings of $US0.02 per share — above analysts’ consensus estimate of a loss of $US0.02 per share — and revenues came in at $242.7 million (also above expectations), investors are honing in on weak user growth.
Monthly active users were 241 million, up only 9 million from the previous quarter. In the U.S., Twitter grew its user base by only 1 million.
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