Twitter Inc. saw its stock price drop 18.2% on Tuesday after its first-quarter earnings release leaked.
The drop to $42.27 per share from the previous day’s close of $51.66 occurred following the resumption of trading after the company requested the New York Stock Exchange halt trading due to an early leak of their earnings release.
First-quarter revenues “were affected by a lower-than-expected contribution from its newer direct response products,” according to the earnings release, and the company lowered its full-year 2015 expectations.
The company said in a tweet, “once we discovered our Q1 earnings numbers had leaked, and published our results as soon as possible” and it is “investigating the source of the leak.”
CalPERS is the largest institutional holder of Twitter stock, with 1,377,365 shares as of Dec. 31, according to the most recent 13-F filing from the $300.5 billion California Public Employees’ Retirement System, Sacramento. The shares are valued at $58.2 million.
Joe DeAnda, CalPERS spokesman, did not immediately return a phone call seeking comment; officials at Twitter could not immediately be reached.
