Twitter Shares Drops to Record Low; Back to Its IPO Price
Twitter shares have been falling for weeks but on Thursday it sank lower than the IPO price of $26. It was a new record low after the company's public offering in November 2013.
The first day closing price after the IPO was as high as $44.90 scaling with vigor it reached up to $73.71 within a month in December same year. But the social networking site could not keep with its upbeat progress and is now at a crucial low.
Slowing user growth has plagued the company and just few weeks before it reported an extremely low second-quarter earnings.
It the second-quarter the number of users was 304 million which indicated an almost total stand still compared to the first quarter which reported 302 million users.
Twitter is failing to keep pace with other networking sites like Facebook and Instagram. Facebook on the other hand, has 1.5 billion core users.
Some say that Twitter's interim CEO, Jack Dorsey and Chief Financial Officer, Anthony Noto have been too transparent in their approach and have echoed to the investors that a 'considerable' turnaround will take considerable time.
New Zealand News
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