Twitter drops 9 percent after report that Google won't bid
SAN FRANCISCO (Reuters) - Shares of Twitter (TWTR.N: Quote) slumped 9 percent late on Wednesday after Recode reported that Google, owned by Alphabet (GOOGL.O: Quote), would not move forward with a bid to acquire the social network.
Citing sources it did not identify, Recode also said that Apple (AAPL.O: Quote) 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.
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)
© Thomson Reuters 2017 All rights reserved.