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Twitter shares fall victim to a tweet

TwitterTwitter’s shares were suspended in New York yesterday, ironically after a tweet on its latest results appeared ahead of their official release.

A research firm, Selerity, was said to be the source of the information which led to the social media company’s shares fall by more than 24% at one stage and closed down 18.2% at $42.27.

Selerity said the tweet came from Twitter’s own website and was not leaked.  Fingers then pointed to the Nasdaq exchange. In a tweet, Selerity said: “Today’s earnings release was sourced from Twitter’s Investor Relations website…No leak. No hack.” Twitter said it was investigating the error.

Revenue rose 74% to $436m during the period, but this was below the $456m expected by analysts. The company posted a loss of $162m – $30m more than in the same three months in 2014.

The company blamed the shortfall in revenue on some new tools for advertising products and said average monthly users rose 18% to 302 million.

Twitter accounted for less than 1% of the $145 billion digital advertising market last year, according to research firm eMarketer.

 

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