Twitter Trading Halted, Stock Nose Dives After Unplanned Earnings Release
NEW YORK (CBS/AP) — Twitter's (TWTR) stock is falling sharply after the company's earnings — due to be released after the stock market closes — came out ahead of time.
Trading in its stock was halted Tuesday afternoon after word spread of the premature earnings release. When trading resumed, the stock fell more than 25 percent.
Some reports say the earnings leaked out. Bloomberg News cited research firm Selerity, which tweeted the results and said the report was "sourced" from Twitter's website and was not the result of a "leak" or "hack."
But Twitter claims that's not the case and that they are in fact "investigating the source of the leak."
We asked @nyse to halt trading once we discovered our Q1 earnings numbers had leaked, and published our results as soon as possible. (1/2)
— Twitter Investor Relations (@TwitterIR) April 28, 2015
We are investigating the source of the leak. (2/2)
— Twitter Investor Relations (@TwitterIR) April 28, 2015
The company later posted the results on its website and emailed it to reporters.
Its adjusted earnings per share topped Wall Street estimates but revenue fell short of expectations.
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