Weak Profit, Revenue, Overshadow Twitter User Growth

Disappointing third-quarter profit and revenue at Twitter overshadowed strong user growth, sending shares of the social media company plummeting 16% before the opening bell.

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The San Francisco company also lowered its outlook for the fourth-quarter and for the year and blamed some of its problems in the most recent quarter on bugs related to its advertising platform.

The company said it’s addressing those issues, but that they will likely weigh on its advertising business in the near term.

Net income was $37 million, or 5 cents per share. Removing non-recurring charges, per-share profit was 17 cents, 3 cents shy of Wall Street expectations, according to a survey of industry analysts by FactSet.

It was a 65% drop from last year’s adjusted profit of $106 million.