Why Twitter Shares Plunged 27% Last Month
Shares of Twitter (NYSE: TWTR) fell 27.3% in October 2019, according to data from S&P Global Market Intelligence. The social media veteran posted disappointing third-quarter results late last month, triggering a share price drop of 20% in a single day.
Twitter's third-quarter sales rose 8.7% year over year to $824 million. Adjusted earnings fell 19%, landing at $0.17 per share. The analyst consensus had been looking for earnings near $0.20 per share on revenues in the neighborhood of $874 million.
Management also set up modest guidance targets for the fourth quarter, including a revenue projection centered on $975 million. The average Street forecast for that metric stood at $1.06 billion at the time.
Source Fool.com
