(Reuters) – Twitter forecast current-quarter revenue below analysts’ average estimate, in a sign that Chief Executive Jack Dorsey’s turnaround strategy may take more time to bear fruit.
Shares of the company, which reported better-than-expected quarterly revenue and adjusted profit, fell 8.8% (TWTR) after the bell.
Twitter forecast fourth-quarter revenue within a range of $695 million and $710 million, well below analysts’ average expectation of $739.7 million, according to Thomson Reuters I/B/E/S.
Twitter said it had 320 million average active monthly users in the third quarter, up from 316 million in the prior quarter.
Revenue rose 57.6% to $569.2 million in the quarter.
Net loss narrowed to $131.7 million, or 20 cents per share, in the quarter ended Sept. 30 from $175.5 million, or 29 cents per share, a year earlier.
Excluding items, it earned 10 cents per share.
Analysts had expected a profit of 5 cents per share on revenue of $559.4 million, according to Thomson Reuters I/B/E/S.
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