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Twitter's stock plummets amid light guidance, analysts cut targets

Dorsey makes big changes at Twitter
Twitter stock sliding after light guidance, analyst cuts
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Twitter's stock fell more than 16 percent Wednesday after the social network reported mixed quarterly results and posted guidance that disappointed Wall Street.

At least 10 firms cut their price targets following the earnings and guidance releases.

The company said it sees second-quarter sales between $590 million and $610 million, well below the estimated $678 million.

On Tuesday, the company reported adjusted first-quarter earnings of 15 cents per share on $594.5 million in revenue. Earnings rose from 7 cents per share in the previous year, while sales climbed 36 percent from $435.9 million in the prior-year period.

Jack Dorsey, CEO of Twitter
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Analysts expected Twitter to report earnings of 10 cents per share on $608 million in revenue, according to a consensus estimate from Thomson Reuters.

Twitter shares have suffered mightily this year, falling almost 36 percent. The stock has also dropped more than 70 percent in the last 12 months.

TWTR in the last year

—CNBC's Jacob Pramuk contributed to this report.