Twitter has undeservedly attracted a bunch of new followers. The struggling social-media company touted surprise user growth as evidence it can get back on track under moonlighting Chief Executive Jack Dorsey. Revenue, however, fell eight percent in the first quarter, a first since Twitter went public in 2013, as advertisers grew skeptical.
Although it remains a long way from its early 2014 peak, Twitter's market value shot up 12 percent on the morning after delivering its results on Wednesday. In the absence of any clear financial rationale, investors seem to have seized on the ephemera of eyeballs.