Twitter shares plunge to record low amid user growth worries
Twitter shares fell to an all-time low yesterday, dragged down over concerns that the company is not growing its user base quickly enough to thrive.
Twitter shares were down more than five percent to $29.25 at the close of official trading on the New York Stock Exchange.
That is 58pc below their peak in January 2014. It was the lowest closing price since the US tech giant made its stock market debut in November 2013.
Its previous low was $30.50 in May 2014.
Although revenue increased by 61 percent to more than half a billion dollars in the previous quarter, Twitter's user base was up by just two million from the prior quarter. The number of active US users was flat.
Chief Financial Officer Anthony Noto said during the company's earnings announcement last week that Twitter did not expect to reignite user growth for a "considerable" time.