The company added 14 million monthly active users in the first quarter this year, up 6% from the last quarter. The company reported its first-quarter earnings today.
Eric Gaillard / Reuters
Twitter picked up 14 million users in the first quarter this year — but it still seems that is not enough for Wall Street.
The company reported its first-quarter earnings today, which included beating analyst estimates on both revenue and earnings. But investors still sent the stock tumbling more than 8% in extended trading after the release came out. That drop alone sent the company's market cap down by about $2 billion.
At the end of the first quarter, Twitter had 255 million monthly active users, up from 241 million at the end of 2013 and up 25% from the same quarter last year and up 6% from the last quarter. Of those, 198 million were checking the service from their mobile devices, also up 31% in from the same quarter a year ago.
In addition, the company's "Timeline Views" — which can be used as a proxy for engagement — were up about 15% from the same quarter a year ago to 157 billion in the first quarter this year.
At the company's last call, Twitter's core business (much the same this quarter) seemed to be performing fine — but it became clear it was having trouble attracting new users. That's important for Twitter's business, because in order to grow it needs to both attract new users and find better ways to target advertisements. Twitter's shares as of this morning were down more than 35% on the year, most of that decline coming after the company's first earnings report.
Sequentially, Twitter's Q1 2014 represents a slight improvement over the last quarter — but it's still apparently not enough.
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