NEWS

Twitter Struggles Against Competition From Snapchat And Instagram

Twitter reports slowest quarterly revenue growth

09/02/2017 14:23 SAST | Updated 09/02/2017 14:30 SAST
REUTERS/Lucas Jackson
A screen displays the stock price of Twitter above the floor of the New York Stock Exchange (NYSE) shortly after the opening bell in New York, U.S., January 31, 2017.

Twitter Inc reported its slowest quarterly revenue growth since going public, as the company continues to grapple with intense competition from newer services such as Snap Inc's Snapchat and Facebook's Instagram.

Twitter's net loss widened to $167.1 million, or 23 cents per share, in the fourth quarter ended Dec. 31, from $90.24 million, or 13 cents per share, a year earlier.

Restructuring charges in the latest quarter ballooned to $101.2 million from $12.9 million a year earlier.

Revenue rose 1 percent to $717 million.

Twitter was abuzz with takeover chatter last year involving big names such as Salesforce.com Inc and Walt Disney Co. The rumors died down due to the lack of concrete offers.

Twitter said in October it would cut 9 percent of its global workforce as part of a broader restructuring.