The Latest: Twitter reports cap bad week in social media | National … | Social
NEW YORK (AP) — The Latest on Twitter Inc.’s quarterly earnings report. (all times local):
Twitter is nosediving after it said monthly users declined in the second quarter and could fall further over the next few months.
The stock is down 19.1 percent in heavy trading Friday afternoon, mirroring a 19 percent plunge in Facebook Thursday.
Twitter and Facebook are trying to reduce the amount of abuse and hate speech on their platforms, but that’s affecting their growth, one of the things investors value the most.
Twitter has doubled in value over the past year as it became profitable for the first time and investors applauded its live video efforts.
Other big technology companies also sank Friday. Intel dropped 8.5 percent and Microsoft gave up 2.8 percent.
The tech-heavy Nasdaq composite is headed for its worst loss in a month.
Twitter is plunging in early trading, topping off a terrible week for social media.
Shares slid 14 percent after Twitter reported weak growth from new users. That followed Thursday’s 19 percent drop in shares of Facebook — the biggest one-day drop in history, wiping out $119 billion in market value.
Twitter, like other social media companies, says it’s prioritizing its platform over user growth, getting rid of abusive account. That has left investors seemingly unable to value what the biggest companies in the sector, which rely on their potential user reach, are worth.
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