Twitter has been consistently struggling in the markets for many months – and still the company might not have seen a bottom. In today’s early trading, Twitter shares fell by another 3% to only $13.90 – their lowest level since the company’s first public offering in 2013.
The social media site’s new low comes shortly after it reported dismal first quarter earnings last week. Revenues were below estimates, while Twitter’s unfavorable guidance for the second quarter suggests that the firm could remain in the financial doldrums for a while yet.
Twitter cited brand advertising as an unexpectedly poor source of revenue during the first quarter. Indeed, the analyst community has been despondent that Twitter is losing advertising revenue share to the likes of Facebook and Instagram.
Overall, this year has seen the company’s shares decline by 39%. They are also a mammoth 66% lower than they were upon Twitter’s debut as a public company in late 2013. Twitter’s continuing fall from grace has unsurprisingly led current CEO Jack Dorsey, appointed permanently to his position in October, to vigorously defend his leadership to the press.