Investors had expected much more
Twitter surpassed earnings expectations of Wall Street and income in its first quarter trading in stock market. But investors expected much more growth-including user-and company shares plummeted to 12% in after-hours trading Wednesday.
Twitter reported a loss of $ 511 million, or $ 1.41 per share, in the quarter from October to December 2013. That compares with a loss of $ 8.7 million, or seven cents per share, a year earlier. Once adjusted earnings were of two cents per share, said The Associated Press.
Twitter’s revenues increased by more than twice the $ 112 million to 243 million.
Facts Set said that analysts had forecast an adjusted loss of two cents per share on revenue of 218.1 million dollars.