Not all bad news
Twitter revealed that the average monthly active users on the social network remained the same in quarter two at 328m a 5 per cent increase on last year.
However, in the US the monthly active users actually drooped by 2m in the quarter, which the company blamed on “lower seasonal benefits and other factors”.
As a result, Twitter shares dropped 9 per cent in pre-market trading and comes after Facebook shares rose after they announced huge profits earlier today.
Twitter is not sharing the same success as it remains unprofitable with reported net losses of $116.5m up from $107m last year.
Despite this the company did beat Wall Street’s forecast of $537m in revenue, reporting second quarter revenue totaling $574m, although this is 5 per cent down year on year.
The company has been trying to monetize the platform although advertising revenue fell 8 per cent to $489m and it lost a deal to livestream NFL games to Amazon.
It now plans to increase live video content working with other sports channels and a live 24hour news partnership with Bloomberg.