Twitter shares plunged after the microblogging company disappointed investors with stagnant monthly active user growth in the second quarter. Fred Katayama reports.
Twitter stock plunged Thursday, wiping out about $2 billion of the microblogging company's market value. Investors were disappointed in the monthly active user growth it reported in the second quarter. That number - 328 million - was the same as in the previous quarter. Analysts had expected to see growth, according to financial data firm FactSet. Twitter also reported a wider quarterly net loss and lower revenue. It said it doesn't expect things will get better anytime soon. David Ingram covers the story for Reuters: (SOUNDBITE) DAVID INGRAM, REUTERS CORRESPONDENT (ENGLISH) SAYING: "Twitter has been totally shifting some of its sort of ideas about revenue. They've dropped some plans that they had a year, couple of years ago. And now they're adding video and other types of ad products, so, I think people are sort of giving them a little more leeway on revenue, waiting to see if revenue can grow in 2018, while still focusing on how quickly the number of users is growing." Twitter is in stiff competition for advertising dollars with other social media platforms such as Facebook and Snapchat.