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Twitter reported total revenue of $824 million for the quarter ending September 30, a nine percent increase year-over-year. Wall Street analysts, however, were expecting closer to $870 million according to CNBC. Earnings per share checked in at $0.17 versus an expected $0.20.
The company’s costs and expenses for the quarter totaled $780 million, up 17 percent year-over-year.
Twitter cited a number of “headwinds” affecting its Q3 performance including bugs affecting revenue products and greater-than-expected advertising seasonality beginning in July and continuing into August. Slower business over the summer could have been a result of a “relatively lighter slate of big events and launches” during the aforementioned months.
As of writing, Twitter’s stock is trading at $30.57 after closing at $38.83 on Wednesday. It's approaching the company's lowest share value of the year which occurred in January when the stock was trading just south of $28.
On the bright side, Twitter said its average monetizable daily active user count was 145 million, up from 139 million last quarter and 124 million a year ago.
Looking ahead, Twitter is forecasting total revenue between $940 million and $1.01 billion and operating income between $130 million and $170 million.
Masthead credit: Twitter logo by Ink Drop