Twitter shares tumble 20pc after blunder sees results leaked early
IT WAS not just the numbers that disappointed Twitter executives last night, but the way in which the results were delivered.
While revenue came in less-than-expected, the results were posted sooner-than-expected – on Twitter – by US analysts Selerity. Revenue for the three months to 31 March was $436m (£284m), up 74 per cent year-on-year but below analysts $456m estimates.
Trading in the shares was briefly suspended when the mistake was realised. When it resumed Twitter’s share price plummeted 20 per cent.
Selerity tweeted a denial of any foul play: “Today’s earnings release was sourced from Twitter’s Investor Relations website…No leak. No hack.” Twitter said it is investigating the error.