Twitter has posted lower-than-expected sales figures for the first quarter. The micro-blogging company says that new products have sold more poorly than it had expected. It also says it expects to experience low revenue for the remainder of the financial year, with boss Dick Costolo saying “it is still early days for these products”.
Twitter reported revenue of $436 million, which was up 74% from last year but still below what it had forecasted. It also reported a net loss of $162 million, more than the $132.4 million it lost the previous year. Monthly users were up by 18% year-on-year however and have now reached the 302 million mark.
Chief executive Mr. Costolo expressed confidence about the company’s “long-term opportunity”, saying “We have a strong pipeline that we believe will drive increased value for direct response advertisers in the future.”
The company has also announced its decision to buy marketing technology company TellApart and says that it has reached a deal with Google regarding its advertising performance measurement. The company says it expects full-year revenue to be between $2.17 billion and $2.27 billion, lower than last December’s forecasts. Twitter was first launched in 2006 before user numbers soared in the late 2000s.
