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Twitter Plunges 14%: Where Did the Users Go? Asks RBC

Following a Q2 report this morning by Twitter (TWTR) of better-than-expected revenue growth, but no growth in monthly users, RBC Capital’s Mark Mahaney reiterates a Sell rating on the shares, asking “Where did the users go?"

The results this morning sent Twitter shares down 14% to close at $16.84.

Management noted the fact that “daily average users,” the metric it emphasizes, was up 12%, but few seemed satisfied by that given the monthly, or "MAU" user decline in the U.S. market. Overall MAUs were flat with the prior quarter at 328 million. In the U.S., MAUs declined from 70 million to 68 million.

You can see more of the stats in the company's presentation of selected metrics, posted on its investor Web site.

Mahaney doesn't really have an answer.

He notes that the user count of 328 million, in MAUs, in June was up 5%, but below the average expectation for a slight...