SAN FRANCISCO: Twitter failed to boost its user base and saw a drop in revenues in the past quarter, the social network said Thursday, sending its shares tumbling in pre-market trade. Twitter said revenues in the quarter slipped five per cent from a year ago to US$574 million, and advertising revenue fell eight per cent to US$489 million. "We have developed what we believe are steady, stable and sustainable engines of growth," Twitter chief executive Jack Dorsey told a conference call. The world's leading social network reported a 71 per cent jump in profits to US$3.9 billion, fueled by growth in ads delivered to its more than two billion users worldwide. The research firm said it expects Twitter's share of worldwide social network users to drop slightly to 10.6 per cent in 2017.

Source: New Strait Times July 27, 2017 13:52 UTC