Jul 27, 2018
By Michael Kramer
Twitter stock plunged on weak user numbers – a day after a 19 per cent drop at Facebook.
Shares of Twitter Inc. dropped even more – 20.5 per cent – in heavy afternoon trading – leaving the company with its second-biggest loss since going public in 2013.
The Twitter sell-off followed an announcement that it had 335-million monthly users in the second quarter.
That was below the 339-million Wall Street was expecting – and down slightly from 336-million in the first quarter.
That overshadowed an otherwise strong quarterly performance.
Twitter and Facebook are trying to reduce the amount of abuse and hate speech on their platforms – but that’s affecting their growth.