Here's the firm that pushed Twitter's stocks down by 'leaking' its quarterly earnings on its platform

Image
ANI Washington
Last Updated : Apr 29 2015 | 12:42 PM IST

A financial services company reportedly took to Twitter to disclose the micro-blogging platform's quarterly earnings about an hour before the company released the details, driving Twitter's stock down around 18 percent.

Selerity broke the news on Twitter by saying that the company missed its revenue expectations and that its users grew, reported The Verge.

Twitter termed the incident a "leak," saying that it halted trading upon discovery and was now probing the source.

Brendan Gilmartin, a Selerity sales executive, however, refused to admit that the revelation was a leak and said that whenever a company is due to release its earnings, they check the company's website periodically to see if the numbers are available. He added that Twitter must have "mistakenly" posted the earnings to the website early as they did make the earnings available on the website.

This is not the first time that Selerity has broke earnings numbers. Forbes said that it did the same thing with Microsoft in 2011 when it posted the earnings early by scraping the company's website.

*Subscribe to Business Standard digital and get complimentary access to The New York Times

Smart Quarterly

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Exclusive premium stories online

  • Over 30 premium stories daily, handpicked by our editors

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

First Published: Apr 29 2015 | 12:31 PM IST

Next Story