Economy

Snap is getting caught up in the social-media carnage (SNAP)

Snap is getting caught up in the social-media carnage (SNAP)

Twitter Inc. shares plunged the most in two years after the social media company said monthly users dropped by 1 million in the second quarter from the first and predicted further declines as it continues to fight against spam, fake accounts and malicious rhetoric.

"We want people to feel safe freely expressing themselves and have launched new tools to address problem behaviours that distort and distract from the public conversation, " CEO Jack Dorsey said in a prepared statement.

Twitter reiterated Friday that it is trying "to invest in improving the health of the public conversation" on its platform, making the "long-term health" of its service a priority over short-term metrics such as user numbers.

On Wednesday, Facebook said the average number of monthly active users during the second quarter came in at 2.23 billion, or about 20 million fewer than projected.

Twitter escalated its battle against suspicious accounts late previous year in the face of congressional and public pressure following revelations about how Russian Federation used the platform to spread disinformation to shape the 2016 presidential campaign in favour of Republican Donald Trump and against Democrat Hillary Clinton.

Palestinian teen killed at scene after stabbing Israelis in settlement
Attacks against Israelis in the West Bank are supported by many Palestinians as pushing back against settlement growth. The three men were killed by Israeli artillery fire targeting a Hamas military base near the border east of Gaza City.

Revenue: $US711 million, up 24% year on year and beating expectations of $US696 million.

The company did not reveal the number of daily users. The number of users could also decline in the third quarter, Twitter warned.

Twitter is attempting to rein in the worst offenders after years as one of the Wild West corners of the internet. They were all attacked by foreign fraudsters during the 2016 US election looking to disrupt the online discourse and spread fake news.

"We are making active decisions to prioritize health initiatives over near-term product improvements that may drive more usage of Twitter as a daily utility", the company said in a shareholder letter.

Looking at the rest of the numbers, Twitter posted a Q2 net income of $100 million, or 13 cents per share - a record high for the company.

Yankees expressing serious interest in Britton
His experience with pitching in high-leverage spots could be critical for the team in the postseason. He went 23-11 with a 4.45 ERA in 51 games while playing for the Yankees during the 2015-2016 season.

Dorsey said daily active users had growth 11%, but the company didn't break out figures.

The company saw strong gains in advertising, with revenue up 23% year on year to $US601 million.

Investors showed concern, sending the stock down 16% to $36 as trading began this morning. "Last year's Q2 created an incredible buying opportunity in the stock".

Twitter's ad business is growing, and some of its top advertisers have praised the focus on the platform's overall health as necessary for their long-term interest there. Markets outside the U.S. grew 44% year on year to $US344 million.

Costs related to licensing video and powering automated analysis of user data increased overall expenses 10 percent to $631 million in the second quarter compared with a year ago.

Missing Irishman killed in Greek wildfires | Ireland
The inferno was by far Greece's worst since fires devastated the southern Peloponnese peninsula in August 2007, killing dozens. People jammed roads and freeways, trying to get away from the fires only to be trapped in their cars by the deadly flames.


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