Twitter gained zero new users for their entire second quarter according to the company’s earnings report, causing the site’s stock value to plummet Thursday.
CNN reports that not only did Twitter have zero net user growth globally in its second quarter but also lost two million users in the U.S. in that time, dropping from 70 million U.S. users Q1 to 68 million now. The social media platform’s earnings report this week showed a total number of 328 million global users, the same number of users listed in the company’s first quarter earnings report.
Recode reports that despite the company’s poor performance related to user growth, Twitter actually beat Wall Street’s expectations on revenue. The company managed to bring in profits of 12 cents a share with a revenue of $547 million, beating Wall Street’s estimate of $537 million by $10 million.
Twitter’s stock value crashed on Thursday following the revelation that user growth had stagnated, however, falling 14% at the time of this writing. “You have zero user growth versus Facebook reporting 70 million new users [after the bell Wednesday],” Victor Anthony, an analyst at Aegis Capital, told CNBC. “It’s not a recipe for a stock you want to buy.”