Twitter Plunges Most in Four Years on Drop in Monthly Users
- Visitors dropped by 1 million in second quarter from first
- Revenue climbs to $711 million, topping analysts’ projections
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Twitter Inc. shares plunged the most in four years after the social media company said monthly users dropped by 1 million in the second quarter from the first and predicted further declines as it continues to fight against spam, fake accounts and malicious rhetoric.
Monthly active users were 335 million, San Francisco-based Twitter said Friday in a statement. Though that measure was up 2.8 percent from a year earlier, the company expects monthly visitors to fall again in the current period. Twitter blamed the projected drop on intensified efforts to clean up the platform, stricter privacy rules in Europe and changes to the way its service is used through SMS messaging.