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Twitter's stock took a significant premarket hit Thursday after the company reported that it missed third-quarter revenue and advertising expectations due to several "headwinds," like product issues and greater-than-expected advertising setbacks in July and August.

The state of play: The company blamed a series of bugs that impacted its ability to monetize users' engagement, including a bug that was revealed earlier this quarter that allowed users' phone numbers and email addresses to be used for advertising micro-targeting.

  • Our thought bubble: While bugs don't reflect greater existential market threats like regulation, they can point to Twitter's struggle to be mindful of user privacy while also innovating its ad product.
  • Yes, but: Despite monetization issues, the company was able to add 6 million monthly "monetizable daily active users" — the in-house metric it now uses to measure how many people engage daily with its platform.

By the numbers, via CNBC:

  • Earnings per share: 17 cents, vs. 20 cents expected
  • Revenue: $823.7 million, vs $874.0 million expected
  • Monetizable daily active users: 145 million

What's next: The company upped its guidance for the following quarter, suggesting that it would make up for the third-quarter declines in coming months.

Go deeper

Updated 6 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Health: The good and bad news about antibody therapies — Fauci: Hotspots have materialized across "the entire country."
  2. World: Belgium imposes lockdown, citing "health emergency" due to influx of cases.
  3. Economy: Conference Board predicts economy won’t fully recover until late 2021.
  4. Education: Surge threatens to shut classrooms down again.
  5. Technology: The pandemic isn't slowing tech.
  6. Travel: CDC replaces COVID-19 cruise ban with less restrictive "conditional sailing order."
  7. Sports: High school football's pandemic struggles.
  8. 🎧Podcast: The vaccine race turns toward nationalism.
Dan Primack, author of Pro Rata
Updated 7 hours ago - Economy & Business

Dunkin' Brands agrees to $11B Inspire Brands sale

Photo: Alexi Rosenfeld/Getty Images

Dunkin' Brands, operator of both Dunkin' Donuts and Baskin-Robbins, agreed on Friday to be taken private for nearly $11.3 billion, including debt, by Inspire Brands, a restaurant platform sponsored by private equity firm Roark Capital.

Why it matters: Buying Dunkin’ will more than double Inspire’s footprint, making it one of the biggest restaurant deals in the past 10 years. This could ultimately set up an IPO for Inspire, which already owns Arby's, Jimmy John's and Buffalo Wild Wings.

Ina Fried, author of Login
9 hours ago - Technology

Federal judge halts Trump administration limit on TikTok

Illustration: Aïda Amer/Axios

A federal judge on Friday issued an injunction preventing the Trump administration from imposing limits on the distribution of TikTok, Bloomberg reports. The injunction request came as part of a suit brought by creators who make a living on the video service.

Why it matters: The administration has been seeking to force a sale of, or block, the Chinese-owned service. It also moved to ban the service from operating in the U.S. as of Nov. 12, a move which was put on hold by Friday's injunction.

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