×
You will be redirected back to your article in seconds

Twitter Stock Slides on Report That It Has Been Deleting Over 1 Million Fake Accounts Daily

UPDATED: Twitter shares dropped more than 8% in early trading Monday, coming after a Washington Post story that the company has been eradicating fake accounts at a record pace — which could mean Twitter’s overall user numbers will decline for the second quarter of 2018.

Per the Washington Post report Friday, Twitter suspended more than 70 million fake accounts this past May and June, and has continued to delete more than 1 million accounts per day into July. The newspaper said it obtained the Twitter data from an unidentified individual with access to Twitter’s Firehose data and analytics system.

Twitter confirmed the rate of its recent account suspensions.

At 1:21 p.m. ET on Monday, Twitter CFO Ned Segal commented in a pair of tweets about the figures cited in the Washington Post article, writing that “most accounts we remove are not included in our reported metrics as they have not been active on the platform for 30 days or more, or we catch them at sign up and they are never counted.” He added, “If we removed 70M accounts from our reported metrics, you would hear directly from us. This article reflects us getting better at improving the health of the service.”

Twitter’s share price rebounded on Segal’s comments, but the stock was still down 5.9% as of 2 p.m. ET.

Twitter is scheduled to report Q2 results on July 27 before the market opens. The pullback on the share price comes after Twitter’s stock has nearly doubled in 2018 following the company’s reporting of two straight quarters of profits — the first in its history.

For the first quarter of 2018, Twitter reported that average monthly active users grew 3%, to 336 million, representing a net increase of 6 million sequentially and beating Wall Street forecasts. Most of that was overseas: In the U.S., Twitter had 69 million MAUs (up about 1 million from the prior quarter).

Donald Trump weighed in on the Washington Post report, snidely wondering in a July 7 tweet if Twitter’s zapping of fake accounts will include “the Failing New York Times and propaganda machine for Amazon, the Washington Post.”

More Digital

  • Nancy Pelosi

    Facebook on Defensive Over Fake Pelosi Video

    Facebook faced growing criticism this week over its decision not to remove a video that was doctored to suggest that House Speaker Nancy Pelosi was intoxicated during a recent public event. The video, which has been viewed more than 2.5 million times, had been slowed down notably, giving the impression that Pelosi was slurring her [...]

  • Little-Black-Mirror-Maia-Mitchell

    Netflix Launching 'Little Black Mirror' Video Series Starring Maia Mitchell, Lele Pons, Rudy Mancuso, Juanpa Zurita and More

    To promote next month’s premiere of “Black Mirror” season 5, Netflix is launching a short video series — “Little Black Mirror,” with a cast that includes an ensemble of Latinx social-media stars. The three “mini-stories,” aimed at Spanish-speaking audiences, are inspired by the tech-dystopian universe of Charlie Brooker and Annabel Jones’ anthology series. “Little Black [...]

  • Twitter

    Twitter Permanently Bans Anti-Trump Krassenstein Brothers, Who Deny They Broke Platform's Rules

    Twitter permanently suspended the accounts of Ed and Brian Krassenstein — progressive political activists famous for trolling Donald Trump and his supporters — with the company alleging the brothers used bogus accounts to amplify their reach on the platform. “The Twitter Rules apply to everyone,” a Twitter rep said in a statement. “Operating multiple fake [...]

  • Snapchat

    Snap in Talks to License Music to Let Snapchat Users Embed Songs in Posts

    Snap wants to up Snapchat’s music game. The company has been in negotiations with music companies including the big three — Sony Music Entertainment, Universal Music Group and Warner Music Group — to license song catalogs for the Snapchat app, according to two industry sources familiar with the talks, confirming a Wall Street Journal report. [...]

  • T-mobile - Netflix - John Legere

    T-Mobile Passes Netflix Price Hike Through to Subscribers

    T-Mobile is getting ready to raise prices for subscribers who have taken advantage of its “Netflix On Us” promotion: The mobile carrier will begin charging existing customers who have participated in the promotion an additional $2 per month to account for Netflix’s recent price increase. Consumers will see their bill go up starting on 6/2. [...]

  • Oona King

    Snap Hires Google Exec Oona King as First VP of Diversity and Inclusion

    Snap continues to fill out the ranks of its revamped leadership team: The Snapchat parent tapped Oona King, most recently Google’s director of diversity strategy and a former member of British Parliament with the Labour Party, as its first VP of diversity and inclusion. King, who starts at Snap on June 11, is also the [...]

More From Our Brands

Access exclusive content