“Twitter Inc. shares plunged the most in two years after the social media company said monthly users dropped by 1 million in the second quarter from the first and predicted further declines as it continues to fight against spam, fake accounts and malicious rhetoric,” Selina Wang reports for Bloomberg. “Monthly active users were 335 million, San Francisco-based Twitter said Friday in a statement. Though that measure was up 2.8 percent from a year earlier, the company expects monthly visitors to fall again in the current period. Twitter blamed the projected drop on intensified efforts to clean up the platform, stricter privacy rules in Europe and changes to the way its service is used through SMS messaging.”
“The market appeared unwilling to wait and see,” Wang reports. “The shares plummeted as much as 19 percent to $34.58, the biggest intraday decline since October 2016.”
“Twitter’s user woes are similar to those of Facebook Inc., which also has been plagued by manipulation, robot accounts and unrest about the growing influence of social media in the culture,” Wang reports. “The huge number of deletions have raised concerns among investors that Twitter — the favorite communications tool of U.S. President Donald Trump — can’t attract a more general audience to supplement the politicians, entertainers and journalists who are among its prime users. The company, however, said the vast majority of malicious accounts are inactive or caught before they become counted among active users.”
Read more in the full article here.
MacDailyNews Take: In our quest to win The Understatement of the Week Award: This has been a bad week for social networking stocks.
Mark Zuckerberg loses $16 billion in record Facebook fall – July 26, 2018
Facebook stock plunges as users vanish – July 25, 2018
Wow, running a company with morals and integrity is pretty tough for Apple’s home nation though it certainly makes Apple shine all the brighter.
First Zuck, now Jack. *slow clapping*
Well done, boys… well done.
All users of Facebook & Twitter deserve free & equal access to those platforms.
Yes, even those deemed ‘nazis’. Users have a responsibilty to think for themselves.
After all, the users are the ones providing the content.
Actually I think it’s pretty generally accepted that platforms don’t need to allow hate speech. Just the opposite.
The International Covenant on Civil and Political Rights (ICCPR) states that “any advocacy of national, racial or religious hatred that constitutes incitement to discrimination, hostility or violence shall be prohibited by law”.
Or as the Dead Kennedys so succinctly put it: NAZI PUNKS FUCK OFF!
I like the good ol freedom of speech (no matter how stupid the speech may be) ideology. The kind where corporations don’t try to police everyone’s speech for them so snow flakes don’t get hurt.
It’s sad to keep seeing our 1st amendment under attack all under the banner of “trying to protect us”.
Yes, there are idiots out there who will say absolutely stupid and hurtful stuff but I, as an adult, should have the stones to realize they are simply idiots and I don’t have to listen to them. I don’t need corporate America holding my hand and trying to help me out. I’m a big boy. I can spot idiots for myself.
Isn’t it funny the more a government or corporation tries to help its citizens/customers out, the more our freedoms keep going away…
Social media isn’t all it’s cracked up to be and people are seeing it’s negative effects on society. There are positives too but the problem with all social media is people. And people for the most part stink. Knowing more about your neighbors, friends and relatives doesn’t always turn out well.
Agreed social media is just plain idiotic. People need to get back having real conversations. There are people all over the world can’t even have an intelligent conversation anymore. Damn shame.
Twitter can be useful, Facebook not so much.
Many people do not tweet but follow journalists, publications, websites and organizations and it works quite well that way. My Congressman is quite responsive on Twitter and closed his Facebook account because of all the bullshit over there.
Twitter and Facebook are both useful They are both full of information. It is up to you what you decide to dig into. On Facebook you can find discussion groups that pertain to your interests no matter how specialized or arcane. It’s not all people posting pictures of food.
On Twitter, you have an on going news feed concerning things you are interested in. If Apple hiccups, my Twitter feed explodes.
The value in these serves is all up to YOU to extract. If you don’t see any value, don’t blame the service. That’s like not being able to drive and blaming the car.
On Facebook, I belong to groups where our shared interest is in Pens, including fountain pens. Others concern watches. Others concern Science Fiction. Still others concern The Constitution of The United States. I belong to several Black Conservative groups.
If Facebook went away, I would very much miss all of that. Facebook knows me by the name I’ve given them, and pretty much nothing else about me.
How much information you tell them is up to you.
Agreed on two counts. FB can be very useful for groups you support and the information you gain. Tell them very little and have nothing to fear.
Personally, I am a one dimensional user by design. Use it to keep up with relatives worldwide that I may not see in person for years. Post zero personal stuff. I get personal friend requests all the time and turn them down (family only).
Like you said, it is what you make it and can be extremely useful …
One million users! Good!
Are we talking normal math or Trump math?