Twitter earnings leaked … on Twitter. Stock tanks 20%
NEW YORK (CNNMoney) — Twitter’s latest quarterly results came out earlier than expected after someone on Twitter (naturally) leaked them.
The stock plunged 6% before it was halted. Twitter Shares plummeted as much as 20% once the stock resumed trading before bouncing back a bit.
Sales missed forecasts even though earnings were better than expected and user growth was in line with Wall Street’s forecast.
The company now has 302 million active monthly users. But there are questions about how much ad revenue Twitter is effectively squeezing from its user base.
Sales came in at $436 million — well below consensus predictions of $457 million. The company also issued a weak outlook for sales in the second quarter.
The numbers first appeared on the Twitter account of Selerity, a self-described financial intelligence platform, at 3:07 ET. Twitter was not due to release its results until after the market closed at 4 p.m.
After Twitter officially released earnings, Selerity tweeted that it got the numbers directly from Twitter’s investor relations site.
“No leak. No hack,” Selerity tweeted.
Twitter was not immediately available for comment about how Selerity was able to access the release early.