SHARES in micro-blogging giant Twitter have plunged almost 10 per cent after it fell short of revenue expectations.
The US-based company said it had racked up net losses of $107 million (£81m) in the second quarter of 2016.
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Its total revenue over the period reached $602m (£458m), up from $502m a year ago, but behind analysts predictions of $608m.
The announcement saw the company’s shares dip by 9.76 per cent late yesterday.
It means Twitter shares have lost nearly 48 per cent of their value over the past 12 months. The firm also downgraded its forecast revenue for Q3 to $610m based on “less overall advertiser demand than expected”.
Analysts had been expecting about £682m. The average number of monthly users rose three per cent to 313 million during the last three weeks, compared to 310 million.
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CEO Jack Dorsey stressed the company had made “a lot of progress” and was confident it would reap the benefit of recent product changes aimed at increasing user engagement.
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