Twitter Shares Spike After Buyout Rumors

Posted: Aug 4 2016, 1:34am CDT | by , in News | Latest Business News

 

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Twitter Shares Spike after Buyout Rumors
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Twitter shares surged by over 7 percent to close at $17.61 on Wednesday following a rumor saying that former Microsoft chief executive Steve Ballmer was buying the micro-blogging website.

There were multiple reports, saying that Ballmer and Saudi Arabia's Prince Al-Waleed bin Talal were getting ready with a bid to buy Twitter.

Last year, Ballmer announced that he had acquired 4 percent stake in Twitter which has market cap of nearly $12 billion, SiliconBeat reported on Thursday.

Twitter was yet to respond to the rumor.

Earlier, although it added three million users -- one million more that what analysts had expected -- the not-so-promising second quarter earnings results led to the shares of micro-blogging website Twitter tumbling.

The company posted quarterly revenue of $602 million, up 20 per cent year-over-year and reported $107 million GAAP net loss ($0.15 per share) with quarterly non-GAAP net income of $93 million ($0.13 per share).

A year ago, the year-over-year growth was 61 per cent and two years back, it was a whopping 124 percent.

The average monthly active users (MAUs) were 313 million for the quarter, up 3 percent compared to 310 million in the previous quarter.

The micro-blogging website was now looking at the video and news streaming space to revive its fortunes.

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