Twitter Falls On Paltry Gains in New Users in Third Quarter
- Daily users were 187 million in third quarter, a small gain
- Quarterly revenue jumps 14% to $936 million on surging ads
Photographer: Michael Nagle/Bloomberg
This article is for subscribers only.
Twitter Inc. shares tumbled 18% Friday after the company reported far fewer new users in the quarter than analysts had estimated, dashing optimism that the social network would benefit from a return of live sports and the coming U.S. election.
The company reported 187 million daily users at the end of the quarter, an increase of 29% from last year, but a paltry gain over the previous period. By comparison, Twitter added 20 million new users in the second quarter.