Twitter (NYSE:TWTR) reported another set of weak earnings for the final three months of 2016, disappointing Wall Street with all key figures coming in under analysts’ expectations.
The social network reported a loss of $167 million for the last quarter, almost double the $90 million loss made in the same period a year earlier.
Fourth-quarter revenues fared slightly better, rising 1 percent to $717 million, but remaining the company’s slowest quarterly revenue growth since it listed on the New York Stock Exchange.
Twitter has continually disappointed investors with poor results since its IPO in November 2013, dogged by poor advertising revenue and controversy surrounding its CEO Dick Costolo. It has struggled to match the success of rivals such as Facebook and Snapchat.
Twitter chief executive Jack Dorsey called 2016 “a transformative year” for the social network, adding:
“We reset and focused on why people use Twitter: it’s the fastest way to see what’s happening and what everyone’s talking about,” he said.
“We overcame the toughest challenge for any consumer service at scale by reversing declining audience trends and re-accelerating usage.”
“While revenue growth continues to lag audience growth, we are applying the same focused approach that drove audience growth to our revenue product portfolio, focusing on our strengths and the real-time nature of our service.
“This will take time, but we’re moving fast to show results,” he concluded.