It also forecasts revenue to remain significantly weaker than it originally anticipated for the remainder of the year because of its advertising problems.
Twitter expects to bring in just $940 million to $1 billion next quarter, mostly short of the $1 billion Wall Street analysts had expected. The company expects that it will earn $130 million to $170 million in the quarter, compared to the $207 million analysts had forecast.
Profit also tumbled to $37 million, which is substantially lower than the $789 million it reported for the same period a year ago.
Prior to Thursday’s open, shares were up 35% for the year. It’s now only up 9% for the year.
But the platform is still attracting users: Twitter added 6 million users since the last quarter
and 21 million users compared to the same period a year ago.
EMarketer analyst Jasmine Enberg said in a note the company’s “momentum from the past several quarters has cooled.”