Twitter Slumps on Slower User Growth, Uninspiring Outlook By Investing.com

By Christiana Sciaudone

Investing.com — Twitter Inc (NYSE:TWTR)’s user growth missed expectations, pushing the stock down 13%, and leading to a slew of price target cuts.

The social media company said average monetizable daily active users rose 20% year-over-year to 199 million, missing the analyst estimate of 200 million.  

The forecast for the second quarter also disappointed, with sales expected to be between $980 million and $1.08 billion, compared with analyst estimates for $1.06 billion.  

Twitter has seen revenue hit records amid the pandemic because once you’ve gone through TikTok, Instagram, Facebook (NASDAQ:FB) and all of Netflix (NASDAQ:NFLX), you’re still bored. But the world awaits as we get inoculated, get on planes and put down our phones, finally.

Oppenheimer, Truist Securities and UBS are among the firms that lowered price targets for Twitter, according to StreetInsider.

KeyBanc also cut its price target to $77 from $90, but analyst Justin Patterson maintained an overweight on the company as he sees catalysts ahead.