Twitter slides ahead of earnings
Twitter's stock price fell ahead of its second quarter earnings report.
Shares closed Wednesday's session down 2.25% as traders jockeyed for position ahead of the company's earnings report, which is set to be released before Thursday's opening bell.
Analysts are expecting a loss of $0.16 per share on revenue of $537.22 million, according to data from Bloomberg.
The company has a long history of beating analysts' estimates. Last quarter, Twitter crsuhed EPS estimates, coming in at $0.11 per share compared to the Wall Street estimate of $0.011. Twitter has exceeded earnings estimates for the last 10 quarters by an average of 146.48%, Bloomberg data shows.
Last quarter, Twitter surprised Wall Street with higher growth numbers than expected. The company added 9 million monthly active users compared to the 2.3 million expected. According to chief operating officer Anthony Noto, President Donald Trump helped add users to the platform. The president also increased awareness of how the platform could be used, Noto said.
Investors will be looking to see if Twitter continued its surprising growth in the second quarter.
Twitter recently underwent a big redesign. Executives said simplifying the product helped user growth in the first quarter, and the recent redesign helped narrow the company's focus toward "live" which could help user growth in the second quarter.
Twitter also announced Ned Segal will be joining the company as chief financial officer. He joins Twitter from Intuit.
Twitter is up 18.52% so far this year.
