Twit­ter shares drop to new low

Out­ages re­ported as ser­vices are tweaked.

The Denver Post - - BUSINESS - By Jing Cao, Jeremy Kahn and Sarah Frier

Twit­ter Inc. shares slumped to an all-time low Tues­day af­ter the com­pany’s web­site suf­fered dis­rup­tions, shut­ting out mil­lions of users and un­der­scor­ing con­cerns about the com­pany’s ef­forts to boost its au­di­ence and sales.

Ser­vices in­clud­ing search and the news stream were un­avail­able for more than five hours af­ter the com­pany’s soft­ware en­gi­neers made changes to the ser­vice that lets peo­ple post and share 140-char­ac­ter sta­tus up­dates.

The stock fell 7 per­cent to $16.69 at the close Tues­day, well below the price of $26 at its Novem­ber 2013 ini­tial pub­lic of­fer­ing.

Users of Twit­ter’s mo­bile ap­pli­ca­tions and web­site ex­pe­ri­enced a string of out­ages since Fri­day, as the com­pany tweaks its fea­tures and ser­vices to im­prove the user ex­pe­ri­ence and ad­dress a slow­down in growth. The glitches come at an in­con­ve­nient time for the com­pany, which has to prove its value to any new users and keep ex­ist­ing ones from leav­ing in frus­tra­tion.

“The is­sue was re­lated to an in­ter­nal code change,” Twit­ter said on its web­site. “We re­verted the change, which fixed the is­sue.”

The top trend­ing hash­tag for about the last two hours was #twitterdown.

Prior to the lat­est round of is­sues, Twit­ter’s last out­age was about two months ago.

Twit­ter’s stock has tum­bled more than 28 per­cent in Jan­uary, fol­low­ing a 35 per­cent de­cline in 2015. Of 43 an­a­lysts cov­er­ing the stock, 40 per­cent rec­om­mend buy­ing it.

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