Twitter Shares Pummeled
The value of Twitter's stock plummeted more than 24 percent Thursday after the social media company reported user growth slowed in the company's fourth quarter. That wiped out more than $9 billion of the company's market value. The slide in Twitter's stock occurred despite the better-than-expected sales growth the company reported: Revenue for the quarter ended Dec. 31 was $243 million, while the company reported a net loss of $511 million.
Twitter said it had 241 million monthly users in December, up 3.8 percent from 232 million at the end of September. That was the slowest quarter-to-quarter growth since the company began reporting usage numbers, according to Reuters. And those users refreshed their Twitter feeds, on average, 613 times a month, down 10 percent from 685 times in the third quarter, the New York Times reported.