Twitter Reports Drop in Sales

Twitter has reported lower than expected revenue for the first quarter of the year - announcing that new products sold less than predicted.

However, Twitter chief executive Dick Costelo believes it is "still early days for these products".

The social media giant warned that it expected the negative impact on its revenue to continue for the rest of the financial year when it reported revenues of $436m, up 74% year on year, but fell below forecasts.

The firm also reported a net loss of $162m - an increase from the same period a year ago when it lost $132.4m.

Monthly users of the service however increased 18% year on year totalling 302 million for the first quarter.

Mr Costelo said despite the firm's results, they remain confident in their "long term opportunities".

He added: "We have a strong pipeline that we believe will drive increased value for direct response advertisers in the future."

Twitter also said it was buying marketing technology firm TellApart and announced a deal with Google to improve its advertising performance measurement.

The firm said it expected revenue for the full year to be between $2.17bn to $2.27bn, lower than the $2.3bn to $2.35bn range it forecast back in December.

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