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Twitter Stocks Drops 9 Percent After Report that Google Won't Bid

Reuters

First published: October 6, 2016, 11:55 AM IST | Updated: October 6, 2016
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Twitter Stocks Drops 9 Percent After Report that Google Won't Bid
The Twitter logo is displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 28, 2016. (Image: REUTERS/Brendan McDermid/File Photo)

Shares of Twitter, slumped 9 percent late on Wednesday after Recode reported that Google, owned by Alphabet , would not move forward with a bid to acquire the social network.

Citing sources it did not identify, Recode also said that Apple 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 October 27, people familiar with the matter told Reuters.

Salesforce.com Inc is in the running, while Alphabet and Walt Disney Co, have also contemplated bids, the people 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.

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