Twitter loses 1 million users in Q2, stock plummets

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Twitter said the decline in the third quarter would be in the mid-single-digit millions, suggesting a sequential decline to around 330 million users.

Twitter beat expectations for revenue, reporting $US711 million in sales.

Trump is the most prominent user of the service, having turned to the social network to rail against the media, promote his America-first agenda and even make public the firing of his secretary of state. In what has been called the Twitter Purge, the company axed 70 million suspicious accounts over a period of several months as it tried to assure advertisers that the numbers it reported represented real users of its platform.

Twitter share price tumbles after it loses 1m users in three months

Twitter has maintained increase in earning following three profitable quarters in a row, but user base has also continued declining. The reports sparked concerns about how fast the companies can continue growing amid mounting scrutiny and plateauing user numbers.

Twitter had 335 million monthly users in the second quarter, below the 339 million Wall Street was expecting, and down slightly from 336 million in the first quarter.

Chief executive Jack Dorsey said the past quarter's results reflect investments "in the long-term health" of Twitter, noting efforts to weed out abusive and inappropriate behavior.

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Twitter escalated its battle against suspicious accounts late previous year in the face of congressional and public pressure following revelations about how Russian Federation used the platform to spread disinformation to shape the 2016 presidential campaign in favour of Republican Donald Trump and against Democrat Hillary Clinton. The company has tried to improve the site to personalize it more for users, including overhauling the "Explore" section of the mobile app to show curated content for breaking news stories and major events such as the recent World Cup soccer tournament, which brought in $30 million in extra revenue in the second quarter.

Despite this, revenue on the platform grew 24% since a year ago, totalling 711 million dollars (£543 million), as did its advertising revenue, thanks in part to the World Cup, which saw a 23% increase to 601 million dollars (£459 million). As far as another key measure is concerned, daily active users "were 1.47 billion on average for June 2018, an increase of 11% year-over". Twitter also recorded increases in its data licensing and other revenue churning businesses which stood at about 29 percent between years. Financial analysts had estimated the revenue to come in at $US698 million. Net income was $100 million, or 13 cents a share, compared with a loss of $117 million, or 16 cents.

Facebook's shares took a hit on Wednesday after its monthly active user count fell short of analyst forecasts. Non-GAAP earnings of 17 cents per share were in-line with estimates. "This is an identical overreaction that we saw in Q2 past year".

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The fall in users is a result of "prioritizing the health of the platform, and, to a lesser extent, GDPR", Twitter said, referring to Europe's General Data Protection Regulations that limit how internet firms can handle user data.

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