World Economy

Twitter Takes Beating

Twitter Takes BeatingTwitter Takes Beating

Shares in Twitter have nosedived after the US social media company reported a drop in revenue for the first quarter and cut its full-year forecast because of weak demand for its new direct response advertising, DW reported. Trading in Twitter stock was halted at Wall Street after financial data company Selerity leaked the firm’s first-quarter results prematurely, before the market closed. When trading resumed, the stock fell more than 25 percent before recovering slightly to end at $42.27 per share, down 18.2%. The routing came amid a loss of $162b for Twitter in the January-March period, significantly more than the shortfall of $132m reported by the US social media firm in the first quarter last year.