Twitter Inc (NYSE:TWTR): Twitter reportedly built a standalone messaging app

Twitter Inc (NYSE:TWTR)

Twitter Inc (NYSE:TWTR) reported the decline of -2.27% and closed at $18.93 with the total traded volume of 13,468,878 shares. The stock’s opening price was $31,951,489. The company has a total market capitalization of $13.43B.

The 52-week price range of the stock remained $13.73 – $25.25, while during last trade its minimum price was $18.89 and it gained its highest price of $19.62. Company’s last 5 days shows an uptrend turn with an upsurge of 5.58%. The company shows its Return on Assets (ROA) value of -5.80%. The Return on Equity (ROE) value stands at -8.40%. While it’s Return on Investment (ROI) value is -7.30%.

Twitter’s relatively flat user growth and its “difficult to use service” have caused Twitter shares, down 22% in 12 months, to underperform the market over the past year. By contrast, Square stock has risen almost 20% during that span, besting the S&P 500 (SPX) index. While Luria did credit Dorsey for introducing features to the site such as Twitter Moments and streaming videos, they haven’t helped Twitter improve its monthly active user growth rate, which came in at just 1.7% in the third quarter. Investopedia  update

According to Digital Trends, Twitter reportedly spent more than a year building a standalone instant messaging app that never ended up seeing the light of day.

The product — which provided a single interface for tweets and instant messages — was built by Twitter’s Indian engineering team at its office in Bengaluru. The company shelved the app when it shut down its engineering center in the country in September, according to sources familiar with the matter who spoke to BuzzFeed News.

The app was envisioned as a tool to ease new users on to Twitter’s flagship platform. It did this by allowing users to subscribe to groups based around topics such as news, politics, and sports. The people within the groups could chat among themselves, and subscribe to additional accounts, pulling there tweets into the conversation. This kind of functionality is already available in Slack channels, and was tested in Facebook’s now-defunct Rooms app (which itself may be making a comeback, if recent reports are to be believed).

The final nail in the app’s coffin came when Twitter pulled the plug on its engineering operation in Bengaluru earlier this year. The company laid off the center’s staff of 20 employees as part of its larger efforts to reduce costs — just over a month later it cut around 9 percent of its global workforce. Digital Trends Reported

Add a Comment

Your email address will not be published. Required fields are marked *