Twitter shares tank as blabbergasm implodes in full glare of unforgiving investors
#FML #YOLO #FAIL
Twitter shares fell sharply on Wall Street today, wiping out about a quarter of the value of the micro-blogging site within minutes of trading opening in New York.
The precipitous fall came after the company reported disappointing results in its first quarterly finance call since taking Twitter public last year.
It's been a disastrous 24 hours for CEO Dick Costolo and his management team at Twitter, which tidily floated on to Wall Street in November when the company's prospects were over-enthusiastically hyped even though it was yet to turn around a profit.
Yesterday's Q4 numbers failed to impress, however, revealing that Twitter very much remained a cash blackhole when it confessed to a $511m loss for the quarter.
The figures put the willies up investors as it also became clear that a growth in usage wasn't performing quite as well as many had hoped when the blue bird-branded outfit spread its wings as a publicly trading company.
Shares tumbled a massive 19 per cent at $53.41 in early trading.
Since then, the stock has slumped miserably, currently trading down nearly 21 per cent at $52.13 on the New York Stock Exchange.
The blabbergasm has just been struck dumb. ®