Well Twitter’s earning results are in, and they aren’t pretty. In fact, the company’s revenue growth reported is the slowest since the company went public back in 2013.
Twitter also gave a discouraging forecast and cited that social media services that are growing faster will make Twitter a niche product.
Shares fell 11 percent in after hours trading to $16.40.
Twitter’s current quarter revenue forecast came in below the average analyst estimate of $678.18 million at only $590 million to $610 million.
The suffering social media site’s user base increased around 1 percent to 313 million average monthly active users in the second quarter from 310 million in the first quarter.
Twitter earned 13 cents per share (excluding items), which did come in better than the average analyst estimate of 10 cents.
Net loss was $107.2 million, or 15 cents per share, in the second quarter ended June 30, from $136.7 million, or 21 cents per share, a year earlier.
Revenue rose about 20 percent from a year ago to $602 million but came in lower than the analyst estimate of $606.8 million.
CFO Anthony Noto said Twitter was focusing on live sports, news, politics and entertainment by bringing more live streaming to the site, which it hopes will spur additional advertising.
“We are the place for news and social commentary,” Dorsey said on the call with analysts. “At its best, our platform allows people to reach across divides.”
Disclaimer: We have no position in Twitter Inc. (NYSE: TWTR) and have not been compensated for this article.