Twitter didn’t do well

coinTwitter’s financial results for the first quarter of its financial year were released earlier than expected and they show the social networking firm isn’t doing as well as everybody expected.

Revenues from advertising grew 74 percent during its quarter but way down from the 97 percent growth in its previous financial quarter.

Its revenues amount to $436 million for the quarter, turning in a net loss of $162 million.

Executives attributed the shortfall to lower than expected money from its new direct response products.

Dick Costolo, Twitter’s CEO said it is “early days” for its products and he believes will give more results for direct response advertisers.

Twitter also bough a marketing technology company called TellApart and struck a deal with Google’s DoubleClick advertising products.

Costolo said that monthly active users for the first quarter amounted to 302 million