The social media company reported quarterly diluted earnings per share of $0.05, which missed the initial forecasts of $1.00 EPS markedly.
The 50 per cent difference rattled investors and shareholders and resulted in the aforementioned collapse in the share price. In the letter to the shareholders it is further revealed that:
“Q3 revenue was $824 million, up 9% year-over-year, reflecting strength in September in the US, as well as a number of headwinds including revenue product issues and greater-than-expected advertising seasonality in July and August.”
The greatest disappointment stemmed from the marked fall in operating income, which measured $48 million or more than 50 per cent deterioration.
“Operating income totalled $44 million, or 5% of total revenue, compared to $92 million, or 12% for the same period in 2018.”
Consequently, Twitter’s share price tumbled by 20.81 per cent during Thursday’s trading session. In other words, the price has fallen from Wednesday’s closing at 38.83 to 30.75.
TWTR 1D Chart. Image source: Trendsharks ©, created with TradingView.com
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