Twitter’s stock is crashing, down 10% in after hours trading, after reported its second quarter financial results.
Here are the key numbers.
- Revenue: $602 million, versus $607 million expected by analysts
- EPS (adjusted): $0.13, versus $0.09 expected by analysts
- Monthly active users: 313 million, up a hair from 310 million in the first quarter of the year
Twitter is trying to rekindle its growth and prove that it can be a mainstream online service to rival to Facebook, rather than a niche product. Twitter’s monthly active users have stalled over the past year, even as younger rivals such as Snapchat and Instagram are growing rapidly.
Under CEO Jack Dorsey, Twitter is trying to position itself as the go-to destination for live video and updates for following real-time events, from sports to political protests.
But investors are not convinced. Twitter’s stock has plunged about 50% from its 52-week high of $36.67, though it’s regained some ground in recent weeks after bottoming out under the $14 mark.