President Trump was taken aback when Treasury chief Steven Mnuchin said the U.S. asked China's trade delegation to reschedule a farm tour.Politicsread more
As China marks the 70th anniversary of its founding on Oct. 1, CNBC takes a look at the rise of the Asian giant through the years — and projections of where it's headed.China Economyread more
The tax cut came as Indian Prime Minister Narendra Modi's government attempts to spur the country's slowing economy.Asia Economyread more
Lawmakers in Congress on Monday pressed for full disclosure of a whistleblower's complaint about President Donald Trump as Democratic calls for impeachment intensified over...Politicsread more
Stocks have been grinding sideways, but technical analysts say once they breakout, the move to the upside could be powerful.Market Insiderread more
The brewer also issued an additional 189,354,000 shares. Budweiser APAC's IPO is now expected to raise about US$5 billion.China Marketsread more
Rising home prices and conservative borrowing have today's homeowners sitting on a record amount of potential cash. Today's mortgage holders saw their home equity increase by...Real Estateread more
Shareholders are accusing Tesla of improperly valuing the SolarCity deal, providing flawed analysis and misleading investors.Technologyread more
The FAA says each country's regulator will decide when the Boeing 737 Max can return to the skies as the grounding of Boeing's best seller, edges toward its eighth month.Airlinesread more
U.S. Treasury Secretary Steven Mnuchin said Monday that the two country's negotiators had made some progress in easing their trade tensions in last week's deputy-level...World Politicsread more
Stocks were barely changed. American Express gained, but Netflix was a notable laggard.Marketsread more
Twitter shares fell more than 20 percent Friday after the company reported a decline in monthly active users and weak guidance.
Twitter reported second-quarter earnings before the bell on Friday:
Shares opened down 14 percent. Today's losses mark the worst single day percentage drop since 2014 for the company, and the second worst in Twitter's history.
The company issued weak guidance as well, with adjusted EBITDA between $215 million and $235 million for the third quarter. The company expects stock based compensation expenses to be in a range of $300 million to $350 million for the full year, down from a range of $350 million to $450 million previously expected. Capital expenditures will be in a range of $450 million to $500 million, up from a previous forecast $375 million to $450 million.
For the last quarter, Twitter reported 336 million monthly active users. The platform blamed not moving to paid SMS carrier relationships in certain markets where users have better access to Twitter or Twitter Lite, making changes to improve the "health" of the platform and some impact from GDPR, a set of regulations in the European Union intended to protect consumer data. In total, Twitter estimates about 3 million accounts were affected by these three reasons.
Twitter removed about 70 million accounts in May and June, but Twitter chief financial officer Ned Segal said most of those were not included in its reported metrics because they were not active on the platform for 30 days or more.
The company also recently purged fake accounts, but those changes occurred after the close of the second quarter, so it didn't affect MAUs in this report. Twitter warned MAUs could go down even more next quarter.
"As a result of our health work, decisions not to renew or move to paid SMS carrier relationships in certain markets, and our decision to allocate resources towards GDPR and health, MAU could decline on a sequential basis in Q3," it said in its shareholder letter. "Based on our current level of visibility, we expect the decline to be mid-single-digit millions of MAU."
Daily active users grew 11 percent, but the company did not break out the exact number.
Twitter revenue grew 24 percent year-over-year, with strong advertising gains. Advertising revenue was at $601 million, an increase of 23 percent year over year. The company also grew its data licensing and other revenue business, which was up 29 percent year over year.
Correction: A previous version of this story swapped the full year capital expenditure projections. Twitter is forecasting $450 million to $500 million now, but previously forecast $375 million to $450 million last quarter.