In this Oct. 13, 2015, file photo, the Twitter logo appears on a phone post on the floor of the New York Stock Exchange. (AP Photo/Richard Drew, File)

Bad week in social media gets worse; Twitter hammered on Wall St

Long criticized for allowing bad behaviour to run rampant, Twitter has begun to crack down

Cracking down on hate, abuse and online trolls is also hurting Twitter’s standing with investors.

The company’s stock plunged Friday morning after it reported a decline in its monthly users and warned that the number could fall further in the coming months. The more than 17 per cent drop in share value at the opening bell comes one day after Facebook lost 19 per cent of its value — its worst trading day since Facebook went public in 2012.

Twitter says it’s putting the long-term stability of its platform above user growth. That leaves investors seemingly unable to value what the biggest companies in the sector, which rely on their potential user reach, are worth.

Twitter had 335 million monthly users in the quarter, below the 339 million Wall Street was expecting, and down slightly from 336 million in the first quarter. That overshadowed a strong monthly user growth of 3 per cent compared with the previous year.

The company said its monthly user number could continue to fall in the “mid-single-digit millions” in the third quarter.

READ MORE: Facebook faces day of reckoning on Wall Street

Long criticized for allowing bad behaviour to run rampant on its platform, Twitter has begun to crack down, banning accounts that violate its terms and making others less visible.

Twitter is now attempting to rein in the worst offenders after years as one of the Wild West corners of the internet.

At the same time, it must convince people it’s the go-to platform in social media, even though it is dwarfed right now by Facebook.

Facebook has more than 2.23 billion users while its apps WhatsApp, Instagram and Messenger each have over 1 billion.

Twitter on Friday reiterated its efforts to “to invest in improving the health of the public conversation” on its platform, making the “long-term health” of its service a priority over short-term metrics such as user numbers.

As part of these efforts, Twitter said that as of May, its systems identified and challenged more than 9 million accounts per week that are potentially spam or automated, up from 6.4 million in December 2017. The company has previously disclosed these numbers.

A Washington Post report put the total number of suspended accounts in May and June at 70 million. The Associated Press also found that Twitter suspended 56 million such accounts in the last quarter of 2017. While Twitter maintains that most of these accounts were dormant and thus not counted in the monthly user figure, the company also warned that its cleanup efforts could affect its counted user base without giving specific numbers.

“We want people to feel safe freely expressing themselves and have launched new tools to address problem behaviours that distort and distract from the public conversation,” CEO Jack Dorsey said in a prepared statement.

Twitter’s second-quarter net income hit $100.1 million, after a loss last year during the same period. It’s the company’s third profit in a row, the third it has ever posted.

Per-share, the San Francisco company’s net income was 13 cents, or 17 cents adjusted, in line with expectations, according to a poll by Zacks Investment Research.

Revenue of $710.5 million, up 24 per cent and edging out expectations of $696 million.

The Associated Press

Like us on Facebook and follow us on Twitter.

Just Posted

Public art committee thrives

No news is good news for the Creston Valley Public Art Connection.… Continue reading

Lister celebrates centennial in June with weekend event

Past and present Lister residents are invited to take part in the celebration.

LETTER: We are committed to the valley’s fruit growers

Honey Bee Zen Apiaries Ltd., can assure orchardists that we will be able to pollinate large portion orchards.

Creston Museum gets multiculturalism grant

A $4,000 multiculturalism grant will allow the Creston Museum to celebrate the… Continue reading

Cheetahs will not prosper in Creston: permit rejected for two big cats

Earl Pfeifer owns two cheetahs, one of which escaped in December 2015

Sparks fly as SUV speeds down wrong side of Highway 1 trying to flee RCMP

Captured on video, the vehicle headed westbound against oncoming traffic before crashing

1,300 cruise ship passengers rescued by helicopter amid storm off Norway’s coast

Rescue teams with helicopters and boats were sent to evacuate the cruise ship under extremely difficult circumstances

B.C. university to offer first graduate program on mindfulness in Canada

University of the Fraser Valley says the mostly-online program focuses on self-care and well being

Province announces $18.6 million for B.C. Search and Rescue

The funding, spread over three years, to pay for operations, equipment, and training

Late-season wave of the flu makes its round in B.C.

BC Centre for Disease Control reported 50 per cent jump in flu cases in first weeks of March

Tofino’s housing crisis causing some to seek shelter at the local hospital

Tofino’s housing crisis is pushing the town’s ‘hidden homeless’ population into the forefront.

Sentencing judge in Broncos crash calls for carnage on highways to end

Judge Inez Cardinal sentenced Jaskirat Singh Sidhu to eight years

2 fires in Victoria caused by cigarettes prompts warning from deputy fire chief

Two separate fires caused by cigarette butts were avoidable

‘Families torn apart:’ Truck driver in fatal Broncos crash gets 8-year sentence

Judge Inez Cardinal told court in Melfort, Sask., that Sidhu’s remorse and guilty plea were mitigating factors

Most Read