Twitter shares were down more than 9% in pre-market trading Thursday after the social media and budding video streaming platform announced disappointing Q4 revenue.
Twitter said Q4 revenue rose 1% to $717 million, while ad revenue dropped slightly to $638 million, as growth in video was offset by declines in revenue generated from traditional Promoted Tweet and direct response ad formats. Twitter said mobile ad revenue was 89% of total ad revenue. U.S. revenue dropped 5%, to $440 million.
Twitter also posted a Q4 GAAP loss from operations of $144 million, widened from $67 million in the year-ago period.
As a bright spot, Twitter’s average monthly active users rose 4% in Q4, to 319 million, on a year-over-year basis, and was up by 2 million versus Q3 2016. Average U.S. MAUs rose 3%, to 67 million. Mobile MAUs represented 83% of total MAUs.