Twitter Posts Worst Day Since 2014 After Meager User Growth
(Bloomberg) -- 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.
Friday’s drop erased $8.8 billion in market value. However, the stock is still up 88% since its recent low on March 18.
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