With many on Wall Street anticipating an eventual sale of Twitter to a larger tech firm, news from Thursday’s company board meeting pushed those predictions aside for the time being.
With its growth numbers stagnant (up just 1 percent year-on-year as of last quarter) and nowhere near competitor Facebook’s profitability (losing $107 million on revenues of $602 million), shareholders are left scratching their heads.
Company representatives told CNBC that there were “no bids on the table” and that it is now exploring cutting costs, which caused the stock to plummet 6 percent. As markets closed on Friday, Twitter was trading at about $18, which is down 20 percent this year. – READ MORE
