Twitter Shares Down 9% On Revenue Miss, Weaker Outlook

By Markets MarketWatch Pulse

Twitter Inc. shares plunged late Tuesday after the company missed second-quarter revenue expectations and forecast weaker-than-expected third-quarter sales. The micro-blogging company said it lost $107 million, or 15 cents a share, in the second quarter. Adjusted for one-time items, Twitter earned $93 million, or 13 cents a share, in the quarter, compared with 7 cents a share in the year-ago period. Revenue reached $602 million in the quarter, up from $502 million a year ago. Analysts polled by FactSet had expected the company to report adjusted quarterly earnings of 10 cents a share on sales of $608 million. Average monthly users reached 313 million in the quarter, slightly ahead of expectations, compared with 310 million in the previous quarter. For the third quarter, Twitter said its sales are expected to reach $590 million to $610 million. The analysts surveyed by FactSet had expected sales of $682 million. Shares fell 9% in late trading after ending the regular trading day down 1.7%

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