Tuesday 22 August 2017

Twitter shares plunge to new low after crash

The Twitter crash lasted for hours and hit millions of users. Photo: PA
The Twitter crash lasted for hours and hit millions of users. Photo: PA
Michael Cogley

Michael Cogley

Twitter stock hit a fresh all-time low as shares fell by 2.6pc to $17.43 (€16) by mid-afternoon yesterday.

The shares slump came off the back of a substantial outage that saw millions of its users blocked out from using the site without warning.

The crash lasted for around two hours, with Twitter offering one update to users that it was "working towards a resolution".

It follows a bad week for the San Francisco firm, that saw its first quarter results leaked by a financial intelligence company which tweeted out the information.

Despite a 74pc increase in revenue last year, Twitter still made a significant loss of $162m (€148m).

Shares in Twitter plummeted last week by 18pc after its financial results were leaked.

The return of the company's founder, Jack Dorsey, to the role of chief executive doesn't seem to have helped the site.

Mr Dorsey reprised his role three months ago and since then shares in the site have fallen by 24pc.

Twitter had its initial public offering in November of 2013 and set its initial price to $26. It is far from that price now.

The site was struck by an outage at around 8.30 am yesterday morning and the company described it as a "service disruption".

The disruption hit most areas of the site including the application programme interface, which is used by developers.

Irish Independent

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