Twitter Inc. on Thursday reported a loss of $116.5 million in its second quarter. On a per-share basis, the San Francisco company said it had a loss of 16 cents.
Twitter Inc. on Thursday reported a loss of $116.5 million in its second quarter.
On a per-share basis, the San Francisco company said it had a loss of 16 cents. Earnings, adjusted for one-time gains and costs, came to 8 cents a share.
The results beat Wall Street expectations. Beginning with the April-through-June quarter, Twitter changed the way it calculated adjusted earnings. Under the old method, it would have been 12 cents a share. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of 5 cents a share.
The short-messaging service posted revenue of $573.9 million in the period, also beating forecasts. Ten analysts surveyed by Zacks expected $536.8 million.
Twitter said its monthly average user base in the quarter grew 5% from the previous year to 328 million, but it was unchanged from the previous quarter.
Twitter’s stock fell 11.8% to $17.30 in early-morning trading Thursday after the numbers came out.
Twitter shares are up 6.1% since the beginning of the year. The stock has risen 9.7% in the last 12 months.