Twitter shares hit record low

August 04 01:35 2015

Twitter shares hit a record low on Monday, plunging more than 6% below $30. The stock has been dropping since company executives rattled investors by saying that Twitter is in the midst of long-term turnaround during the company’s earnings announcement last week.twitter

Twitter Chief Financial Officer Anthony Noto said Twitter did not expect to reignite user growth for a “considerable” time. Twitter’s chairman and founder Jack Dorsey panned efforts the company has made to make the service easier and more intuitive for people to use. Dorsey is serving as interim chief executive as the company searches for a permanent CEO.

Analysts do not expect Twitter to rebound anytime soon. “We would look for the fundamentals to change before we got more positive,” SunTrust Robinson Humphrey Bob Peck said in a CNBC Squawk Alley interview on Monday. Twitter is still trading above its initial public offering price of $26. It was trading at about $29 on Monday.