Twitter profit drops, shares plunge
Twitter investors let out a groan when the company released its results Thursday.
The social media site stumbled badly in the third quarter as it struggled to stabilize advertising revenue.
Profit plummeted, and along with revenue, fell far short of Wall Street's expectations.
The microblogging company's ad business wrestled with software bugs that hurt its ability to target ads and share data with its partners. Unusually low demand over the summer also impacted its results.
What's more, the road ahead doesn't look much better. Twitter issued a weak revenue outlook, saying it expects the headwinds it faced in advertising will continue into the current quarter.
One bright spot: the social media company managed to grow the number of daily users WHO SAW ADS more than expected.
But disclosure of the problems plaguing its ad business and the earnings miss sent its shares careening south in early trading Thursday, losing nearly a fifth of their value. (check)
