New Delhi:Twitter's stock had dropped sharply as the company's revenue and outlook fell short of expectations at a time investors are looking for stronger advertising growth to make up for less-than-stellar user numbers.
Trading in Twitter's stock was halted Tuesday afternoon after word spread that earnings were released prematurely, before the market closed. When trading resumed, the stock fell more than 25 per cent and lost more than $8 billion.
By the time the stock market closed, Twitter's shares were down $9.39, or 18.2 per cent, at $42.27. That's still up nearly 17 per cent year-to-date.
Some reports said the earnings leaked out when research firm Selerity tweeted the results. Selerity said the report was "sourced" from Twitter's website and was not the result of a "leak" or "hack." Twitter later posted the results on its website and emailed it to reporters. Twitter said it was investigating the disclosure.
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