Twitter was forced to release its quarterly numbers early after a markets data company found a copy online. Investors didn’t like what they saw.
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Twitter shareholders were spooked on Tuesday when the company's quarterly results, showing disappointing revenue growth, were released early by an upstart data firm.
Shares of Twitter fell as much as 6%, as investors digested the lackluster results, before trading was halted by the New York Stock Exchange. The stock fell as much as 26% after the halt was lifted, and closed the day down by 18%.
The results were published during trading hours by Selerity, a data company, which said it had found the information already posted on Twitter's investor relations website. Twitter was scheduled to release the information after the market closed.
But the leak forced Twitter to publicize its results ahead of schedule, showing lower revenue than anticipated and a dialed-back forecast for the coming year. Investors, already unnerved by the glimpse provided by Selerity, registered their disappointment when the full picture came into view.