It’s just been reported that the world’s most loved and keenly-followed micro-blogging platform Twitter has evidenced a big loss.
The enormity of this loss is so sudden and huge that it’s being regarded that this is the second-biggest loss that Twitter has observed ever since 2013.
Most of us would, of course, remember that 2013 was the year when the micro-blogging platform went public for the first time ever. Well, what’s believed is that these are tough times for the popular social media platform.
Twitter has experienced a 20 per cent loss as a result of a sudden crash in the US markets that have, in particular, affected the technology companies. But truth be told, there is more to the current loss. And it’s not just about the math and crashes.
What comprises the current tough times for Twitter is that, at present, it has lost many users in its second quarter. This is, actually a monthly loss in terms of the number of users for Twitter and perhaps, it won’t be wrong to suggest that this was perhaps unprecedented.
Popular American media outlet Concord Monitor reported in great detail about the sad news and published the following information:
While technology stocks made up much of the market’s drop, smaller-company stocks fell more than the rest of the market. The losses outweighed gains in banks and phone companies.
But despite all of this, Standard & Poor, popularly known as S&P has experienced a weekly gain. This- believe it or not- is its fourth in a row in as many weeks.
Interestingly, while the market’s benchmark index is evidencing a gain, the companies that are overseen and rated by the revered S&P are on a downward spiral in terms of growth. How strange is that, isn’t it?
A lot many statistics determine the changing vagaries of the most volatile benchmark of them all- the market’s benchmark index, S&P. The S&P 500 index fell 18.62 points, or 0.7 per cent, to 2,818.82. The Dow Jones Industrial Average slid 76.01 points, or 0.3 per cent, to 25,451.06. The NASDAQ composite index, which is heavily weighted with technology companies, lost 114.77 points, or 1.5 per cent, to 7,737.42. The Russell 2000 index of smaller-company stocks gave up 32.02 points, or 1.9 per cent, to 1,663.34.
But in the light of all that went wrong in the fray of technology companies in the US market, for the second successive day- it was reported- that a social media firm led the steep decline in the tech sector.
There were a number of other companies that witnessed a day in steep decline in trading fortunes.
That said, one wonders, what might have happened to Facebook?
Well, Concord Monitor had covered that too and comprehensively so. Facebook’s steep drop, which erased nearly $120 billion of the company’s market value, was brought on by its warning to investors that it sees slower revenue growth ahead. With Friday’s losses, Facebook shares came within a hair’s length of finishing in a bear market, which is defined as a drop of 20 per cent from a recent peak a few days ago.
Intel, Expedia Group, and other firms were also in for a rough day quite like Twitter. But that said, none of the sufferings of other companies makes life easier for Twitter- does it?