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Home > Network/Internet > Twitter shares tumbled 20%

Twitter shares tumbled 20%

Erdem Yasar by Erdem Yasar
October 26, 2019
in Network/Internet
1 min read
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Twitter failed to meet the expectations in the third quarter. Despite the $37m profit in the last quarter, bugs and the low demand over the summer affected Twitter’s revenue in the third quarter negatively. Revenues were 9% higher than the last year at $824m, but it is still failed to meet the expectations. Twitter admits the current technical issues may affect the fourth quarter results too.

Twitter Chief Executive Officer Jack Dorsey said: “Unfortunately we had some missteps. I have a lot more confidence in our abilities and our team today than looking back just two years ago. We have a lot more agility.” Twitter announced that they are expecting revenue between $940m to $1 billion in the last quarter of 2019. They also claimed news users joining Twitter every month and they are working on ads algorithm improvements that will help them grow.

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Erdem Yasar

Erdem Yasar

Erdem Yasar is a news editor at Cloud7 News. Erdem started his career by writing video game reviews in 2007 for PC World magazine while he was studying computer engineering. In the following years, he focused on software development with various programming languages. After his graduation, he continued to work as an editor for several major tech-related websites and magazines. During the 2010s, Erdem Yasar shifted his focus to cloud computing, hosting, and data centers as they were becoming more popular topics in the tech industry. Erdem Yasar also worked with various industry-leading tech companies as a content creator by writing blog posts and other articles. Prior to his role at Cloud7 News, Erdem was the managing editor of T3 Magazine.

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