Irony as Twitter stock crashes after earnings leaked - in tweets
Shares in social media giant Twitter crashed eighteen percent in the last hour of trading due to first-quarter loss figures which were revealed early - ironically, via live tweets.
Financial-intelligence firm tweeted the information, causing the stock price in the company to crash just before trading closed last Tuesday.
The company had posted its first quarter results on its website and that was where Selerity got the information - they just broke it where people would see it, on Twitter itself.
Twitter saw a 74 per cent revenue rise in the last year but yet still recorded a net loss of $162 million, which they attributed to a "lower-than-expected contribution" from direct-response solutions. New acquisition 'TelllApart' (a personalised marketing company) and a new partnership with Google's DoubleClick are expected to reverse this trend.
Twitter stock finally closed at $42.47 after opening at $51.66.