Yahoo News Twitter Shares Dive 8% As User Growth Slows
Twitter (Xetra: A1W6XZ - news) shares fell 8% after-hours after the social network reported another quarter of slowing user growth.
The early investor reaction to its latest results followed the revelation that monthly active user numbers grew by 1% to 307 million in the third quarter of its financial year - following 2% growth over the previous three months.
Twitter's revenues surged ahead - growing by 58% on the same period a year earlier to $569.2m - but its forecast for future earnings in the current quarter came in below analysts' expectations.
Chief executive Jack Dorsey - who returned to the role this month following the departure of Dick Costolo - has already acted to save costs by cutting more than 300 jobs .
He said today: "We’ve simplified our roadmap and organisation around a few big bets across Twitter, Periscope, and Vine that we believe represent our largest opportunities for growth."
