Twitter Reports Smallest Daily Active User Growth Since 2017

Twitter TWTR shares are trading lower after the company reported third-quarter earnings results.

The company quarterly earnings of 4 cents per share, which missed the analyst consensus estimate of 6 cents by 33.33%. The adjusted earnings came in at 19 cents per share.

The company reported quarterly sales of $936 million, which beat the analyst consensus estimate of $777.15 million. This is a 13.63% increase over sales of $823.72 million the same period last year.

Twitter's third-quarter average daily active users were at 187 million, up just about 1 million from the previous quarter and up from 145 million in the same period last year.

This is the "smallest increase since late 2017," according to The Wall Street Journal, "which is the earliest period for which Twitter has provided such data. Analysts polled by FactSet had expected the user count to rise to 196 million."

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"We have grown our daily audience by 42 million in the last year as people all around the world come to Twitter to find out about the topics and events they care about most. I'm pleased mDAU grew 29% year over year to 187 million, driven by global conversation around current events and product improvements," said CEO Jack Dorsey.

Twitter shares were trading down 11.79% at $46.25 in Thursday’s after-hours session. The stock has a 52-week high of $52.93 and a 52-week low of $20.