Twitter shares plunge 20.5 percent

Twitter shares plunge 20.5 percent

While Twitter maintains that most of these accounts were dormant and thus not counted in the monthly user figure, the company also warned that its cleanup efforts could affect its counted user base - without giving specific numbers.

The quarter marked the first time overseas revenue contributed the majority of Twitter's total advertising sales. Twitter's share price dropped almost 20 percent after the earnings report, matching a similar decline in Facebook's stock after its earnings report showed challenges ahead, partly a result of confronting toxic elements, too.

"Investors are overreacting to (monthly active user) trends", BTIG analyst Richard Greenfield said about the share fall.

Twitter's situation echoes that of fellow social network Facebook, which has seen its stock drop 18 percent following a rough quarterly report earlier this week.

Twitter's put its EBITDA guidance for the third quarter between $US215 million and $US235 million. Twitter has been criticized for allowing users to use hateful, violent and racist language, and, along with Facebook, has been a tool for Russian influence, as NPR has reported.

Twitter said the decline in the third quarter would be in the mid-single-digit millions, suggesting a sequential decline to around 330 million users.

As for the rest of the report, the company earned an adjusted $0.17 a share on revenue of $710.5 million - beating the $0.16 and $697.3 million that analysts were expecting.

Chief executive Jack Dorsey said that Twitter prioritises the long-term health of the platform over short-term metrics.

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Twitter reported a revenue of $711 million, up 24 percent year over year.

Twitter shares had more than doubled over the past year as it showed signs of sustaining profitability after years of losses.

Twitter has focused on safeguarding the service in recent months amid scrutiny of its role in spreading fake news and election meddling as well as the broader data privacy backlash hitting the tech industry. Its per-share earnings of 17 cents met consensus estimates.

Like Facebook, Twitter is working to comply with the General Data Protection Regulation, which took effect in Europe in the second quarter.

Sales, at $711m, were up 24% compared with past year and above analysts estimates. Bloomberg LP produces TicToc, a global breaking news service for Twitter's site.

The company increased its capital expenditures forecast for the year to between $450 million and $500 million, from $375 million to $450 million, as it expands and upgrades the computer infrastructure underlying its service.

"Despite Trump being perhaps the most high-profile user possible, usage has not dramatically improved over the past couple of years", Benjamin Schachter, an analyst at Macquarie Securities, wrote in a note to investors before the earnings announcement.

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