Investing.com - Twitter (NYSE:TWTR) shares plunged in premarket trade on Thursday, after the social media company provided a downbeat outlook for the first quarter.
Twitter sees sales in a range between $715 million and $775 million for the current quarter, compared to forecasts of $762.4 million.
It also warned that it expects capital expenditures to be between $550 million and $600 million, well above analysts' average estimate of $415 million for 2019.
For the fourth quarter, Twitter posted earnings of $0.31 per share and revenue of $909.0 million.
Analysts polled by Investing.com expected Twitter to report a profit of $0.25 a share on revenue of $868.24 million.
Advertising revenue totaled $791 million, an increase of 23% year-over-year.
Average monthly active users, which the company announced it would stop disclosing after the current quarter, totaled 321 million for the quarter, below expectations for 323.8 million, due in part to its campaign of deleting millions of abusive accounts.
Average monetizable daily active users (mDAU) were 126 million, compared to 115 million in the same period of the previous year and compared to 124 million in the previous quarter.
Following the release of the report, shares in Twitter sank 7% in premarket trade to $31.70.
Twitter Inc follows other major Technology sector earnings this month
On January 24, Intel reported fourth quarter EPS of $1.28 on revenue of $18.66B, compared to forecasts of EPS of $1.22 on revenue of $19.01B.
SAP ADR earnings missed analyst's expectations on January 29, with fourth quarter EPS of $1.72 on revenue of $8.49B. Investing.com analysts expected EPS of $1.78 on revenue of $8.24B
Stay up-to-date on all of the upcoming earnings reports by visiting Investing.com's earnings calendar