Twitter Q1: Leaked report halts trading, shares down on weak outlook

Twitter reported earnings of 7 cents on revenue of $437 million.

Twitter posted its first quarter earnings and revenue Tuesday in a most unconventional fashion.

Twitter's earnings were released early before the markets closed, apparently sourced from the company's investor relations website.

Twitter asked the New York Stock Exchange to halt trading on its shares following the early release, nearly 20 minutes after the numbers were made public. Twitter denies that the early posting was the result of a leak or hack.

Shares were down as much as 6 percent immediately following the early release. After market, however, things got much worse, with Twitter's shares tumbling more than 18 percent.

As for the numbers, the social network reported a net loss of $162 million, or 25 cents per share (statement).

Non-GAAP earnings were 7 cents per share on revenue of $436 million, up 74 percent year-over-year.

Wall Street was expecting earnings of 4 cents per share with revenue of $456.5 million.

"While we exceeded our EBITDA target for the first quarter, revenue growth fell slightly short of our expectations due to lower-than-expected contribution from some of our newer direct response products," Twitter CEO Dick Costolo said in the press release.

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Twitter chopped its revenue projection for the fiscal year, lowering it to a range of $2.170 billion to $2.270 billion, well below the average Wall Street forecast of $538 million.

For the current quarter, Twitter expects revenue for the current quarter to be in the range of $470 million to $485 million.

Twitter also missed on Mobile Monthly Active Users (MAUs), coming in with 241.6 million compared to 243 million expected. Average Monthly Active Users (MAUs) were 302 million, which is inline with expectations.

Twitter's advertising revenue totaled $388 million, an increase of 72 percent year-over-year, with almost all of it (89 percent) coming from mobile ads.

Nearly buried in the earnings debacle is news that Twitter is acquiring TellApart, a marketing tech provider for retailers and e-commerce advertisers. The company uses dynamic product ads and email marketing to provide cross-device retargeting capabilities. Twitter will likely use TellApart to boost its sales of commerce ads.

Twitter also announced a partnership with Google's DoubleClick platform. Twitter says the partnership will improve advertising performance measurement and attribution for Twitter direct response marketers. The program will roll out later this year.