Twitter losses mount in 3rd-quarter as user growth continues to disappoint

SAN FRANCISCO – Twitter’s losses are mounting as the messaging service struggles to grow its audience under recently hired CEO Jack Dorsey.

The challenges facing Dorsey came into sharper focus in a third-quarter report released Tuesday. The numbers covered the three months ending in September. That’s when Dorsey served as interim CEO before he was hired on a permanent basis.

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READ MORE: Twitter lays off 336 employees as Jack Dorsey cuts costs

Twitter ended the period with a core audience of 307 million active users, an increase of just 3 million from June. That wasn’t much better than a gain of 2 million users in the previous quarter, a letdown that led to the departure of Twitter’s previous CEO, Dick Costolo.

Revenue climbed 58 per cent from last year to $569 million.

Twitter still lost $132 million. The company’s stock plunged 11 per cent in extended trading.