fbpx

Twitter’s third-quarter 2015 losses mount as user growth slows

Twitter today released the company’s results for the third-quarter of 2015, revealing that the social media platform is still struggling to find a broader audience as financial loses continue to mount.

The social network finished the quarter with 307 million active users, an increase of three million from June, and just two million total users in the previous quarter. Revenue also climbed 58 percent from last year, amounting to $569 million. However, the company still lost $132 million, furthering the company’s revenue trend loss trend since it was founded a decade ago.

The company’s recently released financials could indicate returning Twitter founder Jack Dorsey’s retooled focus for the company he founded might take longer than some analysts initially expected.

In total, Twitter has lost $2 billion since its founding in 2006 — almost 10 years ago. Following the release of the company’s quarterly results, Twitter’s stock fell some 12 percent in after-hours trading.

While the platform remains one of the internet’s most popular social media networks, growth has been slow following Twitter’s initial public offering roughly two years ago.

After taking the helm of Twitter a few weeks ago, Dorsey began his tenure by laying off 336 employees, approximately 8 percent of the company’s workforce.

Related link: Twitter will reportedly undergo company wide layoffs next week

[source]Twitter[/source]

Comments