Twitter Stock Plunged 17 Percent After Reporting User Decline
Twitter’s stock dropped 17 percent Friday morning after the platform reported fewer monthly users and cautioned that those numbers could continue to drop in the coming months. The Associated Press notes that Twitter reported 335 million monthly users for the second quarter, which fell short of both Wall Street’s predicted 339 million and last quarter’s 336 million. The company predicted that the numbers may continue to drop in the “mid-single-digit-millions” in quarter three, as they continue to purge “fake” and hate-spreading accounts from the platform. The Associated Press noted, however, that Twitter’s profits have continued to rise, hitting $100.1 million this quarter. Additionally, this is their third profitable quarter in a row, marking the only three profitable quarters in the platform’s history.