Economic news

Twitter revenue slumps for first time since IPO

Twitter Inc. for the first time since the 2013 IPO reduced its revenue in the first quarter 2017, according to the company's report. However, the company's results turned out to be not as bad as the market had expected, so the stock price on the pre-market jumped by 11%. Over the past year, the company's capitalization has decreased by 17%.

According to a press release, Twitter's net loss in January-March was $62 million, or 9 cents per share, compared to $80 million, or 12 cents per share, recorded in the same period a year earlier. The Twitter revenue fell by 8% to $548 million.

The average number of active Twitter users in the first quarter was 328 million people, that is 6% higher than the previous quarter and 14% higher than the same period in 2016.


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