This chart shows very clearly why investors have lost faith in Twitter

Twitter reported earnings yesterday, and the stock is off about 4% today on news of stalled out user growth.

On its earnings call, Twitter cherry-picked some metrics that suggested user engagement was growing - that is, the people who use the service are doing more with it - but this chart from Statista shows very clearly why investors are losing faith: user growth on the service has been steadily slowing for the last four-plus years, and has finally ground to a halt.

Maybe Twitter can become a viable business with 300 million or so users, but it won't become the next Facebook, where user growth just keeps on going. That's why Twitter is now worth $10 billion, down about 80% from its peak in late 2013.

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