Twitter (NYSE:TWTR) beat analysts expectations when it released its quarterly results yesterday. The company posted revenues of $502.4m for the last quarter, compared with $312.2m one year earlier and a net loss of $137m.
However, as the company announced their quarterly results, two more high-profile executive announced their departure. Todd Jackson, former director of product management, disclosed that he is leaving for Dropbox and Christian Oestline, former vice president of product management will be joining YouTube. This comes just after CEO Dick Costolo quit, leaving uncertainty over his replacement. These vacancies, as well as stagnating growth, have affected share price over recent weeks.
Twitter’s sales are up 61 percent, but user growth figures were disappointing, up 2.6 percent to 316 million – a deceleration from last quarter. Average monthly users were up 15% year-over-year, to 316 million, but up only 8 million from 308m the quarter before – a rise of just 2.6%
“Our Q2 results show good progress in monetization, but we are not satisfied with our growth in audience,” said interim CEO Jack Dorsey in a company statement.
Twitter is currently trading down 13.43%.
