Twitter Posts Worst Day Since 2014 After Meager User Growth
- Shares plunged 21% after paltry third quarter new-user growth
- Firm added 1 million new users, 8 million fewer than expected
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Twitter Inc. posted its worst day since 2014 after the company’s third-quarter results showed fewer new users than analysts had projected.
Shares of the social media company plunged 21% after saying it added just a million new daily users in the third quarter, 8 million fewer than analysts estimated, despite the return of live sports and a U.S. election campaign that were expected to drive people to the platform. Before Friday, Twitter had advanced 13% in the seven trading days since strong results from Snap Inc. kicked off a rally in social media stocks.