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| Twitter reports slowest revenue growth since 2013 | Twitter reports slowest revenue growth since 2013 |
| (35 minutes later) | |
| Twitter has reported its slowest quarterly growth in three years, as the company fends off competition from a growing number of social media sites. | Twitter has reported its slowest quarterly growth in three years, as the company fends off competition from a growing number of social media sites. |
| Revenue for the second quarter was up 20% to $602m, far slower than the same quarter last year when it rose 61%. | Revenue for the second quarter was up 20% to $602m, far slower than the same quarter last year when it rose 61%. |
| But the micro-blogging site managed to shrink its quarterly loss to $107m(£84.7m) from $136m last year. | But the micro-blogging site managed to shrink its quarterly loss to $107m(£84.7m) from $136m last year. |
| The company also reported a 3% increase in monthly active users (MAU) an important metric for advertisers. | The company also reported a 3% increase in monthly active users (MAU) an important metric for advertisers. |
| Twitter attracted 313 million MAUs up from 310 million in 2015. | Twitter attracted 313 million MAUs up from 310 million in 2015. |
| "We continue to believe that, with disciplined execution against our priorities, we can drive sustained engagement and audience growth over time," said Twitter chief financial officer Anthony Noto. | "We continue to believe that, with disciplined execution against our priorities, we can drive sustained engagement and audience growth over time," said Twitter chief financial officer Anthony Noto. |
| The company's stock fell over 9% in after- hours trading. | |
| Increasing Users | |
| Twitter has been increasing its efforts to attract users in the face of competition from Snapchat and Instagram. | |
| The company has announced a series of partnerships to live-stream events. | |
| In April, Twitter announced a partnership with the US National Football League to stream 10 games in the upcoming season. Media experts say this could have a marked impact on long term user engagement. | |
| In a letter to shareholders, Twitter chief executive Jack Dorsey said: "We are confident in our product roadmap, and we are seeing the direct benefit of our recent product changes in increased engagement and usage". | |
| As expected by some analysts, Twitter saw a seasonal uptick in advertising revenue. Ad revenue increased by 18% to $535m. |