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Twitter's stock price rises after Google buyout rumours

Twitter posted quarterly revenue of $602 million, up 20 percent year-over-year and reported $107 million GAAP net loss.

  • Updated: August 4, 2016 12:50 PM IST
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Twitter shares surged by over 7 percent to close at $17.61 following a rumor saying that former Microsoft chief executive Steve Ballmer was buying the micro-blogging website. On Wednesday, there were multiple reports that said that Ballmer and Saudi Arabia’s Prince Al-Waleed bin Talal were getting ready with a bid to buy Twitter. Last year, Ballmer announced that he had acquired 4 per cent stake in Twitter which has market cap of nearly $12 billion, SiliconBeat reported. Also Read - Jack Dorsey resigns, Parag Agrawal is the new Twitter CEO

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Twitter was yet to respond to the rumor. Earlier, although it added three million users — one million more that what analysts had expected — the not-so-promising second quarter earnings results led to the shares of micro-blogging website Twitter tumbling. The company posted quarterly revenue of $602 million, up 20 percent year-over-year and reported $107 million GAAP net loss ($0.15 per share) with quarterly non-GAAP net income of $93 million ($0.13 per share).

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A year ago, the year-over-year growth was 61 percent and two years back, it was a whopping 124 percent. The average monthly active users (MAUs) were 313 million for the quarter, up 3 percent compared to 310 million in the previous quarter. The micro-blogging website was now looking at the video and news streaming space to revive its fortunes.

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  • Published Date: August 4, 2016 12:45 PM IST
  • Updated Date: August 4, 2016 12:50 PM IST



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