NewsBytes
    Hindi
    More
    In the news
    Mukesh Ambani
    WhatsApp
    Reliance Jio
    OPPO
    Vivo
    Sensex
    Bitcoin
    NewsBytes
    Hindi
    NewsBytes
    User Placeholder

    Hi,

    Logout


    India Business World Politics Sports Technology Entertainment Auto Lifestyle Inspirational Career Bengaluru Delhi Mumbai Visual Stories Find Cricket Statistics Phones Reviews Fitness Bands Reviews Speakers Reviews

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
     
    Home / News / Business News / Twitter releases Second Quarter 2016 earnings
    Business

    Twitter releases Second Quarter 2016 earnings

    Twitter releases Second Quarter 2016 earnings
    Written by Sripriya Yegneswaran
    Edited by Vaneet Randhawa
    Jul 27, 2016, 12:23 pm 4 min read
    Twitter releases Second Quarter 2016 earnings

    On 26th July, 2016, Twitter released its earnings for SQ16, reporting a growth in user base. Second-quarter adjusted earnings stood at 13 cents a share, generating a revenue of $602 million. According to a Thomson Reuters estimate, Wall Street expected Twitter to earn 10 cents a share, with a revenue of $607 million. Company shares dropped more than 10% after in-hours trading yesterday.

    Dick Costolo takes over as Twitter’s CEO

    On 4 October, Twitter COO Dick Costolo took over as the CEO of the company replacing current CEO and co-founder Evan Williams. Costolo's promotion came after his attempts to make money for Twitter through advertising platforms reaped huge results. As the COO, Costolo brought some impressive talent to Twitter like Ali Rowghani, Adam Bain, Mike Abbott and Katie Stanton.

    Twitter in for some good times

    Twitter CEO Dick Costolo confirmed that the service now has 100 million monthly active users worldwide. Twitter grew at an astounding rate with its monthly growth of active user count up by 82%. It also announced a new record of 8868 tweets per minute. Costolo said that other than the content creators, there are 400 million unique visitors who come to read the tweets.

    Twitter goes public

    Twitter officially became a publicly traded company on 7 November 2013. This was the most anticipated IPO since Facebook's entry in 2012. The company set its initial IPO pricing at $26 and saw the share price open at $45.10 due to strong investor demand. The initial surge in price gave the company a valuation of more than $24 billion when it began trading shares.

    Signs of trouble in the kingdom of Twitter

    Twitter faced a severe backlash from analysts and investors frustrated by the company's slow growth in 2014. Twitter reported a sharp slowdown in its user growth adding a miniscule 4 million monthly users in the last 3 months of 2014. Despite the revenue of $1.4 billion in 2014, Twitter lost $578 million. Twitter's stock fell by almost 25% in April 2014.

    Twitter CEO steps down

    Twitter's CEO Dick Costolo has decided to step down after 5 years. Twitter's co-founder and Chairman Jack Dorsey who is currently the CEO of the startup Square Inc., will step in as the interim CEO. Word on the street is that this resignation is directly as a result of the company's stalling growth and Wall Street's lack of faith in Costolo's leadership.

    Twitter announces new CEO: Jack Dorsey

    Twitter's three month search of finding a CEO ended with the appointment of Jack Dorsey. He was crowned as the CEO with a hope to get more traffic and terminate a decade long series of financial losses. Jack might invalidate the 140 character limit to draw more audience. However, Dorsey will continue his job as CEO in Square Inc, co-founded by him in 2009.

    About Jack Dorsey

    This is the second stint as CEO of Twitter for Jack Dorsey. He was the first CEO till October 2008, after which he became the chairman of the board.

    Twitter shakeup: 4 top executives depart

    Twitter CEO Jack Dorsey announced that Twitter's four top executives will be leaving the company, "taking some well-deserved time off". These include "Product Chief Kevin Weil, Head of Engineering Alex Roetter, Vice President of Global Media Katie Jacobs Stanton, and Vice President of Human Resources Skip Schipper". Dorsey also announced that Twitter COO Adam Bain will be "taking on additional responsibilities" in the interim.

    Number of Twitter users slump sequentially

    Twitter reported that its monthly active users (MAUs) in the fourth quarter of 2015 stood at 305 million, dropping from 307 million in the previous quarter. Due to leadership turmoil and stagnating user growth, shares of the company fell 68% over the last year. News of the diminishing number of users saw the share prices spiraling down by 13%.

    Twitter announces Q1 2016 earnings, shares drop

    Even with its user base growing more than expected, Twitter's first quarter results for 2016 disappointed Wall Street. The company posted revenues of $595 million as opposed to the average estimate of $608 million. Post the announcement, company shares dropped down by 12% in after-hours trading. Amidst concerns about user and sales growth, Twitter's stock dropped more than 20% this year.

    SoundCloud receives $70 million in investments from Twitter

    According to technology website Re/code, Twitter Inc invested $70 million in the audio streaming company SoundCloud. The company's investment was a part of a funding round expected to be in the range of $100 million. A statement issued by SoundCloud states, "this investment will enable SoundCloud to remain focused on building value for creators and listeners alike".

    Share this timeline
    Facebook
    Whatsapp
    Twitter
    Linkedin
    Latest

    Latest

    Stream or skip? Charlotte Wells' father-daughter drama 'Aftersun' on MUBI OTT releases
    2025 Lightyear 2 to debut as an affordable solar-powered EV Electric Cars
    5 reasons that make strawberries 'berry' healthy to consume Healthy Foods
    Arshdeep Singh bounces back with a three-fer versus Sri Lanka Arshdeep Singh

    Love Business News?

    Subscribe to stay updated.

    Business Thumbnail
    Indian Premier League (IPL) Celebrity News Hollywood News Bollywood News UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2023