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Twitter Releases First Quarter Earnings, Stocks Tumble in After-Hours Trading

Business News

0  Updated at 7:42 pm, April 29th, 2014 By: ABC Digital
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Leon Neal/AFP/Getty Images(NEW YORK) — Twitter released results for the first quarter of this year, with earnings better than expected.

The tech giant was expected to lose $0.03 a share and posted results of $0.00 per share, and the company’s revenue also brought some good news: $250 million, compared to the $241.47 predicted by analysts.

Still, stocks were down almost 10 percent Tuesday in after-hours trading. Since hitting a high of nearly $75 a share on Dec. 26, 2013, the stock’s value has been nearly cut in half, trading at just over $38 a share.

The company reported 255 million average monthly active users as of March 31, citing an increase of 25 percent year-over-year. Advertising revenue was also up, totalling $226 million and an increase of 125 percent year-over-year.

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