Twitter Stock Plunges Up To 20% After Missing On Earnings

it faced “a number of headwinds” with its revenue for the rest of the year, including product issues and weaker-than-expected advertising business.

The social networking site missed top- and bottom-line estimates, reporting profit of just 17 cents per share, compared with the 20 cents expected. For the first time since late 2016, Twitter’s revenue didn’t surpass guidance expectations: Although it grew 9% year-over-year, revenue was reported at just over $823 million—a steep miss from the $874 million expected by Wall Street.

Quarterly advertising revenues took a hit from weak volumes in July and August, coming in at $702 million—Despite missing out elsewhere, Twitter did continue to steadily grow in a key metric—its monetizable daily user base, which rose to 145 million from 139 million last quarter.“Despite its challenges, this quarter validates our strategy of investing to drive long-term growth,” Twitter CFO Ned SegalTwitter shares were up 35% for the year before the company missed earnings expectations.

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