Tech

Twitter Stock Slides Despite Beating Wall Street Guidance

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Twitter users, including actor Patrick Stewart (R), rings the opening bell at the New York Stock Exchange (NYSE) while also celebrating Twitter's IPO on November 7, 2013 in New York City. Twitter went public November 7, on the NYSE selling at a market price of $45.10, with the initial price being set at $26 on November 6. (Photo by Andrew Burton/Getty Images)

Twitter users, including actor Patrick Stewart (R), rings the opening bell at the New York Stock Exchange (NYSE) while also celebrating Twitter’s IPO on November 7, 2013 in New York City. (Andrew Burton/Getty Images)

SAN FRANCISCO (CBS/AP) – Twitter beat Wall Street’s earnings and revenue expectations in its first quarter as a public company. But investors were looking for even more and the company’s stock dipped as much as 12 percent in after-hours trading Wednesday.

Twitter reported a loss of $511 million, or $1.41 per share, in the October-December quarter. That compares with a loss of $8.7 million, or 7 cents per share, a year earlier. Adjusted earnings were 2 cents per share.

Twitter’s revenue more than doubled to $243 million from $112 million.

FactsSet says analysts expected an adjusted loss of 2 cents per share and revenue of $218.1 million.

San Francisco-based Twitter Inc. went public in November. It set a price of $26 for its initial public offering. The stock price has more than doubled since.

© Copyright 2014 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.

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