The stock was down nearly 20%
Twitter’s stock dropped nearly 20% Tuesday afternoon after disappointing quarterly earnings leaked online ahead of their expected release.
Twitter’s first quarter revenue was $436 million, up 74% year-over-year but widely missing analysts’ estimates of $457 million. The company posted a first quarter loss of $162 million, compared to a $132 million loss a year ago. Twitter also trimmed its second quarter and full-year revenue estimates to ranges below analysts’ expectations.
Twitter’s underwhelming results were first tweeted by financial data aggregator Selerity at 3:07 p.m. ET, sparking a massive drop in the company’s stock price. Twitter’s earnings weren’t expected until after the closing bell at 4 p.m. ET.
Selerity later said it found the early results on Twitter’s own investor relations website.
Twitter’s first quarter results do have some hopeful spots, with monthly active users topping 300 million for the first time and revenue from advertising up 72%, the vast majority of said growth coming from mobile devices.
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