×

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

  • FaceApp is displayed on an iPhone,

    SAG-AFTRA Warns Members About FaceApp Terms of Use

    SAG-AFTRA is warning its 160,000 members about the “overreaching and invasive” terms of use for the FaceApp mobile application. FaceApp, developed by Russian company Wireless Lab, uses neural network technology to automatically generate transformations of faces in photographs. The app can be used to make users appear older, younger, or change gender. The terms include [...]

  • J. Cole

    Apple Music Launches 'Rap Life' Playlist

    Apple Music announced the launch of “Rap Life,” a new global playlist focusing on contemporary rap artists and culture. It replaces the former “The A-List: Hip-Hop” playlist. Said Ebro Darden, Apple Music’s Global Editorial Head of Hip-Hop and R&B: “We flipped it to dig deeper into into the lifestyle [and to] keep pushing the culture [...]

  • Billie Eilish

    ARRI, Mobile TV Group Back New Venture Revitalizing Streamed Concerts

    A new venture looking to bring a fresh approach to live-streaming concerts has gotten the backing of hardware heavyweights ARRI and Mobile TV Group. Wide+Close is launching with the mandate of shooting music performances with film cameras and cinematographers in order to give the content a more cinematic feel. “We want to take concert filming [...]

  • Fortnite Battle Royale

    How 'Fortnite' Fans Can Earn Loot by Watching YouTube Videos

    Epic Games and YouTube have teamed up with a special offer for “Fortnite” players — giving players of the popular battle-royale game rewards when they watch “Fortnite”-premiered content on the video platform. The catch: You have to watch at least 20 minutes of “Fortnite” special content or live esports broadcasts to receive the loot. Under [...]

  • Roku headquarters

    Roku Plans to Expand to Brazil, Other Countries (EXCLUSIVE)

    Roku plans to expand to multiple new territories in the coming months, Variety has learned. One of the first new markets for the company will likely be Brazil. An international expansion could help Roku grow its customer base, which in turn should lead to growing advertising revenues. Roku executives have been hinting at plans to [...]

  • Google Stadia Pro to Include 1

    Google’s Stadia Game Streaming Service to Include Free Monthly Game

    Google has been busy sharing additional details about its upcoming game streaming service Stadia, clearing up some confusion in the process. Stadia’s pro subscription tier, which will cost $10 per month, won’t be a Netflix-type subscription service. However, subscribers will get free games at the rate of about a title per month. That’s according to [...]

  • Crypt-TV-Facebook

    Facebook Signs Deal With Crypt TV for Slate of Five Horror Series

    Crypt TV, the digital studio founded by Eli Roth and Jack Davis and backed by Jason Blum, expanded its deal with Facebook, inking a content partnership to create a slate of five horror and monster-themed series exclusively for Facebook Watch. For Facebook Watch, it’s one of the first deals for a full slate of content [...]

More From Our Brands

Access exclusive content