THE GOAL OF BANKRUPTING TWITTER GETS CLOSER AS SHARES DROP 19 PERCENT
shares dropped 19 percent Friday following a trend in social media
platforms reporting lower active monthly and daily users than expected.
social media giant expected to earn $711 million in revenue in the second
quarter of 2018, but fell short at $696.2 million, a $14.8 million
difference, according to a Thomas Reuters consensus estimate.
to Facebook, Twitter missed expected active and daily user marks. The
social media platform purged about 70 million fake accounts from May to
June. Influential politicians lost hundreds of thousands, and in some
cases millions, of followers, The Daily Caller News Foundation reported.
on the Twitter’s shortcomings, shareholders began selling and the company
eventually lost 19 percent, CNBC reported Friday.
has come under scrutiny for allegations of shadow banning — hiding content
and accounts without outright deleting them — conservatives on the
Donald Trump called out Twitter in a tweet on
Thursday, saying, “We will look into this discriminatory and illegal
practice at once! Many complaints.”
second quarter of 2018 was the slowest in Facebook’s history. The social
media platform’s shares dropped 19 percent Wednesday following
reports of the company falling short of expectations in several key areas
including daily and monthly active users and revenue. (RELATED:
FACEBOOK’S $120 BILLION STOCK DIVE WAS THE LARGEST IN HISTORY)
company lost a record-setting $120 billion in one day. The next two
largest drops were Intel’s loss of $90.74 billion in market
value Sept. 22, 2000 and Microsoft’s loss of $80 billion later that
year. Mark Zuckerberg, Facebook founder and CEO, felt the heat of the
stock drop, losing a staggering $15.1 billion in five minutes, Time reported.
Kyle on Twitter @KylePerisic
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