What's Up With Twitter Getting Hammered Today?

Twitter Inc TWTR shares are trading lower by 12.7% at $56.81 in Friday’s premarket session after the social media company issued second-quarter sales guidance with a midpoint below analyst estimates.

Several analyst ratings were updated following the earnings report:

• Oppenheimer analyst Jason Helfstein maintains Twitter with an Outperform and lowers the price target from $85 to $70.
• Keybanc analyst Justin Patterson maintains Twitter with an Overweight and lowers the price target from $90 to $77.
• Rosenblatt analyst Mark Zgutowicz maintains Twitter with a Neutral and lowers the price target from $65 to $60.

Twitter is an open distribution platform for and a conversational platform around short-form text (a maximum of 280 characters), image and video content. Twitter generates revenue from advertising and licensing the user data that it compiles.