Twitter stock tumbles 15% after it purged fake accounts

The number of people using Twitter fell during the three months ending in June as it worked to clean up the platform ...

Posted: Jul 27, 2018 12:34 PM
Updated: Jul 27, 2018 12:35 PM

The number of people using Twitter fell during the three months ending in June as it worked to clean up the platform and comply with new privacy regulations.

The social network said Friday that it had 335 million monthly users around the world in the second quarter, down from 336 million users in the quarter prior. The number of monthly users could also decline by "mid-single-digit millions" in the third quarter, Twitter warned.

The company attributed the dip in part to "decisions we have made to prioritize the health of the platform" and, to a lesser extent, complying with sweeping new data protection regulations in Europe.

The stock fell more than 15% in premarket trading Friday after the earnings results, before rebounding somewhat.

On a conference call with analysts Friday, CEO Jack Dorsey said Twitter would continue to "invest heavily" in improving the health of the platform, calling it the "right thing to do" for the company and "for society as a whole."

"We believe that Twitter's value as a daily service is enhanced when the conversation on the platform is healthier and people feel safe freely expressing themselves," Dorsey said.

Twitter stock has nearly doubled this year as the company showed signs of a business turnaround, its first ever streak of profitable quarters and renewed growth in users and ad sales.

Related: Justin Bieber and Katy Perry among Twitter users hit hardest by follower purge

But the markets were jittery ahead of Friday's report after rival Facebook spooked investors by warning of slowing sales growth in the second half of the year as it focuses on "putting privacy first."

Twitter has focused on safeguarding the service in recent months amid scrutiny of its role in spreading fake news and election meddling as well as the broader data privacy backlash hitting the tech industry. It cracked down on fake accounts, purging suspicious accounts from users' follower metrics and removed 143,000 apps last quarter for violating its policies.

Like Facebook, Twitter is working to comply with the General Data Protection Regulation, which took effect in Europe in the second quarter. The company said in April that monthly active user growth could be "negatively impacted" by the new rules.

Although user numbers alarmed investors, Twitter's business remains strong. Its sales hit $711 million for the quarter, up 24% from the same period a year ago, and it posted its third consecutive profitable quarter.

Mississippi Coronavirus Cases

Data is updated nightly.

Cases: 296745

Reported Deaths: 6783
CountyCasesDeaths
DeSoto19731230
Hinds18881393
Harrison16780282
Rankin12787265
Jackson12643229
Lee9703161
Madison9484203
Jones8005147
Forrest7250138
Lauderdale6847227
Lowndes6033140
Lamar590980
Lafayette5747113
Washington5229130
Bolivar4620124
Oktibbeha442194
Panola432396
Pearl River4193132
Warren4138115
Pontotoc410771
Marshall404492
Monroe3993128
Union396474
Neshoba3822170
Lincoln3564104
Hancock350277
Leflore3389119
Sunflower319286
Tate303374
Pike301796
Scott295271
Alcorn292463
Yazoo290865
Itawamba290275
Coahoma282069
Tippah279565
Copiah279259
Simpson276680
Prentiss271158
Wayne254541
Leake253172
Marion252778
Covington249780
Grenada248578
Adams235078
George232445
Newton231252
Winston221979
Jasper213845
Tishomingo212965
Attala206870
Chickasaw201453
Holmes182770
Clay179251
Stone173029
Tallahatchie171439
Clarke169672
Calhoun158528
Smith153033
Yalobusha145536
Greene127933
Walthall124540
Noxubee123131
Montgomery122939
Perry122235
Lawrence120621
Carroll119025
Amite112235
Webster111132
Jefferson Davis102731
Tunica99523
Claiborne99129
Benton93924
Humphreys93027
Kemper90423
Quitman77414
Franklin76219
Choctaw69817
Jefferson62827
Wilkinson62427
Sharkey49117
Issaquena1676
Unassigned00

Alabama Coronavirus Cases

Cases: 498076

Reported Deaths: 10094
CountyCasesDeaths
Jefferson716711387
Mobile36294737
Madison32616468
Tuscaloosa24340421
Montgomery22739519
Shelby22174218
Baldwin19873289
Lee15039157
Calhoun13832293
Morgan13753254
Etowah13390325
Marshall11448211
Houston10124264
Elmore9483190
Limestone9420138
St. Clair9022227
Cullman8984182
Lauderdale8612214
DeKalb8489175
Talladega7606165
Walker6585259
Jackson6545104
Autauga632492
Blount6236127
Colbert6001121
Coffee5264103
Dale4671107
Russell406933
Franklin399878
Covington3993106
Chilton3898103
Escambia379173
Tallapoosa3622143
Clarke344053
Chambers3431111
Dallas3422142
Pike293373
Marion288695
Lawrence284985
Winston258368
Bibb246160
Geneva240370
Marengo238857
Pickens225457
Barbour213651
Hale212269
Fayette202057
Butler201466
Henry183541
Cherokee178039
Monroe166739
Randolph164840
Washington156836
Macon147745
Crenshaw146255
Clay145954
Cleburne139841
Lamar133733
Lowndes132751
Wilcox122925
Bullock117336
Conecuh107024
Perry106127
Sumter99732
Coosa90224
Greene88532
Choctaw55323
Out of AL00
Unassigned00
Tupelo
Cloudy
51° wxIcon
Hi: 63° Lo: 42°
Feels Like: 51°
Columbus
Partly Cloudy
56° wxIcon
Hi: 67° Lo: 42°
Feels Like: 56°
Oxford
Cloudy
48° wxIcon
Hi: 59° Lo: 42°
Feels Like: 44°
Starkville
Partly Cloudy
54° wxIcon
Hi: 65° Lo: 41°
Feels Like: 54°
WTVA Radar
WTVA Temperatures
WTVA Severe Weather