Twitter Fails to Fly in Q2
Twitter’s second quarter results don’t show much promise for the social media company as it failed to attract new users and grow its audience.
Despite first quarter growth, Twitter’s monthly active users remained unchanged at 328 million. Average monthly active users in the US fell by two million, dropping down to 68 million from 70 million in the first quarter.
Beating analysts earnings forecast, Twitter reported $573.9 million in revenue, down 4.7 per cent year-over-year. It’s only the second time since Twitter went public in 2013 that revenue has fallen.
Twitter CEO Jack Dorsey called attention to Twitter’s year-over-over growth, reporting the social media platform had a 12 per cent bump in daily active users and five per cent increase in monthly active users. In a press release, Dorsey said this quarter marks Twitter’s third consecutive quarter of double-digit growth.
But the future isn’t looking particularly bright for the social media company that’s already had a disappointing year with falling revenue.
At market open, Twitter’s shares tumbled 10 per cent to $17.36.