Twitter plunges on missed sales, after earnings are leaked
Twitter shares plunged 20% on Tuesday, after the social media giant's first quarter results left investors disappointed.
Shares fell 20% after the social media giant missed first quarter sales expectations and delivered a weak outlook for the second quarter and full year.
The New York-listed company reported a net loss of $162.4m, or 25 cents per share, a 22.6% increase year-on-year, even though, at 7 cents per share, the group's reported adjusted earnings beat consensus of 4 cents.
Twitter sales also missed estimates, coming in at $435.9m, below consensus of $464.3m.
Twitter added it expected second quarter revenue to be between $470m to $485m and revenue for 2015 of approximately $2.17m, while consensus is for second quarter revenue of $538m and $2.37bn for the full year.
Twitter shares were suspended from trading late on Tuesday after earnings were leaked ahead of the planned release time by financial data platform Selerity.
Shares plunged 22% after the ban was lifted and closed down 18.18% to $42.27.