A day after Facebook's rout, Twitter plunges on weak user numbers

A day after Facebook's rout, Twitter plunges on weak user numbers

The number of monthly Twitter users dropped from 336 million to 335 million, according to the company's latest financial release.

Chief executive Jack Dorsey said that Twitter prioritises the long-term health of the platform over short-term metrics.

The plunge mirrors Facebook's historic wipeout, which erased $119 billion of value from the social-media giant after it reported disappointing results.

But it is a necessary strategy if Twitter is to gain the trust of many advertisers.

More than $6bn (£4.6bn) has been wiped off the market value of Twitter after the social media service reported a drop of 1 million users after it finally took action to delete fake and offensive accounts.

The Associated Press also found that Twitter suspended 56 million such accounts in the last quarter of 2017.

The San Francisco-based company warned user numbers would continue to decline in the third quarter.

Twitter said it posted a profit of $100 million in the second quarter as revenue rose 24 percent to $711 million. The company has previously disclosed these numbers. The company said those daily participants on the site increased 11 percent from a year earlier, marking the seventh consecutive quarter of double-digit year-over-year increases.

Twitter shares were up 79% year-to-date through Thursday. They cited concern that while the stock was up 45% this year when Macquarie published its note, the fake-account purge won't bring "dramatic impacts on Twitter's ability to attract new users", arguing that "valuation will likely limit upside from current levels".

Record Heat Broils Japan. Beware Of "Cruelly Hot Weather", Officials Warn
Excessive heat was also observed in both South and North Korea on Monday, the Associated Press reported . Thousands of people in Japan have been rushed to hospitals with heatstroke symptoms during the heatwave.

The number of people on Twitter fell during the three months ending in June as it worked to clean up the platform and comply with new privacy regulations.

Twitter has warned investors that new investments in security and safety will impact user metrics.

The company said it is now challenging more than 9 million questionable accounts a week, up from 6.4 million last December. Japan remains Twitter's second-largest market, growing 65 percent and generating $122 million.

Twitter's second-quarter net income hit $100.1 million, after a loss previous year during the same period.

Average U.S. MAUs were 68 million for Q2, flat with the year-earlier period and down from 69 million in Q1. Markets outside the United States grew 44% year on year to $US344 million.

Twitter has doubled in value over the past year as it became profitable for the first time and investors applauded its live video efforts.

Twitter also saw usage fall after saying it would not subsidize users who accessed its application through text messages without paying messaging fees to wireless carriers.

Twitter would like to do more work on using machine learning to serve active users more relevant content and help newcomers find what interests them so they stay with the service.

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