Twitter drops 9 percent after report that Google won't bid

October 5, 2016 8:44 PM EDT

The Twitter logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2016. REUTERS/Brendan McDermid/File Photo

Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.

SAN FRANCISCO (Reuters) - Shares of Twitter (NYSE: TWTR) slumped 9 percent late on Wednesday after Recode reported that Google, owned by Alphabet (NASDAQ: GOOGL), would not move forward with a bid to acquire the social network.

Citing sources it did not identify, Recode also said that Apple (NASDAQ: AAPL) was unlikely to be one of the possible suitors.

Twitter has told potential buyers it wants to conclude negotiations about selling itself by the time it reports third-quarter earnings on Oct. 27, people familiar with the matter told Reuters. Inc (NYSE: CRM) is in the running, while Alphabet and Walt Disney Co (NYSE: DIS) have also contemplated bids, the people told Reuters.

Twitter's stock was last down 9.21 percent in after-hours trade at $22.58.

The company has struggled to generate revenue growth and profit, despite having some 313 million average monthly active users and a growing presence as a source of news.

(Reporting by Noel Randewich; Editing by Sandra Maler)

Serious News for Serious Traders! Try Premium Free!

You May Also Be Interested In

Related Categories


Related Entities

Twitter, Earnings, Definitive Agreement

Add Your Comment