[Epoch Times] Twitter’s stock dropped about 13 percent on Friday to $56.74 per share after the firm issued weak second-quarter guidance on revenue growth while its user numbers fell short of expectations.The San Francisco-based tech giant said its average monetizable daily active users increased 20 percent year-over-year to 199 million. Some analysts had expected the number to exceed 200 million.
CFO Ned Segal said Twitter’s results were a "solid start" to the year and said that app promotion and brand advertising increased.
"Advertisers continue to benefit from updated ad formats, improved measurement, and new brand safety controls, contributing to 32 percent year-over-year growth in ad revenue in [the first quarter]," he said in an earnings call.
Segal said that revenue growth was down in the United States was because of the COVID-19 pandemic.