Investors, and most of the world, were shocked in the past few weeks, when Twitter’s disappointing earnings were leaked online in an apparent accident. Stocks since plunged 18% as confidence sank to a new low for the social media company.
The quarterly loss fell significantly lower, almost $20 million for March, than the projected $470 million, with the next quarterly estimate of $470 million being well off the independent analysis created by Thomson Reuters for $538 million in June. "Revenue growth fell slightly short of our expectations due to lower-than-expected contribution from some of our newer direct response products," said Dick Costolo, CEO of Twitter.
Other Social Media platforms, such as Facebook and Instagram, have experienced more success, with the latter reaching 300 million monthly active users last year. In comparison, Twitter has taken an extra twelve months to increase its following and popularity to the same figure.
It’s not all doom and gloom though, as co-founder Ev Williams stated towards the end of April. Twitter is still evolving and is currently “on a roll” according to Williams, who firmly believes that with the development of new features, the social network is in good hands and it’s future looks very bright indeed!
The creative folk at Twitter have been hard at work in the past few months, however, as their innovative ideas has led to the implementation of brand new features, such as group messaging and video, a new look and feel to the homepage with different retweet capabilities, and a stricter approach to their policies regarding anti-harrassment.
ABOUT 5 YEARS AGO BY JAMES O'ROURKE