Twitter announced a net loss of $132M for Q3. The San Francisco-based social network also revealed insignificant user growth; the site currently boasts about 310M monthly active users, an eight-percent increase from the year prior, which was a lighter gain than investors had anticipated.
The Wall Street Journal today noted that "Most of the growth is coming from overseas,” and that the company “hasn’t had a surplus of new users this year in the U.S."
Revenue, on the other hand, hit $569 million, a 58-percent increase from last year, surpassing analyst expectations. Much of this growth was the result of mobile ad revenues, which comprised 86-percent of total ad revenues for the company.
Twitter forecasts revenue in the range of $695 million to $710 million for 2015’s fourth-quarter, which also falls short of analyst expectations.
The news characterizes the first quarter for recently rebounded CEO Jack Dorsey, who officially returned to the helm as CEO on Oct 5. The company laid off about eight-percent of its workforce earlier this month, less than a week after Dorsey’s return.
“We continued to see strong financial performance this quarter, as well as meaningful progress across our three areas of focus: ensuring more disciplined execution, simplifying our services, and better communicating the value of our platform,” Dorsey said in a statement. “We’ve simplified our roadmap and organization around a few big bets across Twitter, Periscope, and Vine that we believe represent our largest opportunities for growth.”
Today’s announcement sent Twitter stocks tumbling more than 10-percent, to $27.76. The stock exhibited somewhat of a rebound by the time markets closed, at $30.85.
Trump Media & Technology Group today reported a $58.2M net loss on $4.1M in 2023 revenues, a disclosure that drove its stock price down 22.6 percent to $47.96.
Barry Pollack, an attorney at Wall Street’s Harris St. Laurent & Wechsler, has registered Julian Assange as a client with the Justice Dept. “out of an abundance of caution.”
Paramount Global to slash 800 jobs in what chief executive Bob Bakish calls part of an effort to “return the company to earnings growth"... Rolling Stone editor-in-chief Noah Shachtman is exiting at the end of the month due to disagreements with chief executive Gus Wenner over the direction the magazine is taking... The New York Times broke the $1 billion barrier in annual revenue from digital subscriptions in 2023... Press Forward is investing more than $500 million to strengthen local newsrooms.
The majority of news articles are read within the first three days of publication, according to a recent report.
The Los Angeles Times gives pink slips to 115 people or 20 percent of its newsroom staff... TIME is also laying off about 30 employees, which is approximately 15 percent of its editorial staff... The Baltimore Banner, which was launched by Stewart Bainum in 2022 after he failed to buy the Baltimore Sun, added 500 subscribers per day in the three days following Sinclair Broadcast Group's deal to purchase the Sun.
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