Shares of Twitter were sharply lower Thursday after the company reported stalled user growth in the second quarter.
The company’s stock fell as much as 14 percent to $16.85 after it released its earnings report that showed a net loss and decline in revenue.
Net losses widened to $116 million from $107 million a year earlier, the report said. Revenue fell 4.6 percent to $574 million from $602 million.
"Monthly active usage increased 5 percent year-over-year and daily active usage increased 12 percent year-over-year, marking the third consecutive quarter of double digit growth,” CEO Jack Dorsey said in the statement.
Average monthly active usage stalled at 328 million versus the first quarter.