Twitter Stock Slides Despite Beating Wall Street Guidance
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.
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