Shares of Twitter were sharply lower Thursday after the company reported stalled user growth in the second quarter.
The company’s stock fell as much as 14 percent to $16.85 after it released its earnings report that showed a net loss and decline in revenue.
Net losses widened to $116 million from $107 million a year earlier, the report said. Revenue fell 4.6 percent to $574 million from $602 million.
"Monthly active usage increased 5 percent year-over-year and daily active usage increased 12 percent year-over-year, marking the third consecutive quarter of double digit growth,” CEO Jack Dorsey said in the statement.
Average monthly active usage stalled at 328 million versus the first quarter.
By Ovunc Kutlu in New York