Twitter, Incorporated reported its fourth-quarter losses nearly doubled from the same period in 2015.
The online messaging company reported a quarterly loss of $167 million at the end of 2016. In 2015, the company reported a loss of $90 million over the same period.
The business said revenues in the fourth quarter were up 1 percent from $710 million in 2015 to $717 million in 2016. It was the the slowest revenue growth since the company went public in November of 2013.
There was one bright spot: The average number of active users rose 4 percent compared to a year earlier to 319 million.
Twitter has been failing to keep up with other social media platforms such as Facebook. Twitter recently reduced staff and an attempt to sell the company failed.
The 10-year-old Twitter has never made a profit, and despite tweaks to the format, has only seen modest growth in users.
Twitter’s CEO, Jack Dorsey, called 2016 a “transformative year.”
“We reset and focused on why people use Twitter: It’s the fastest way to see what’s happening and what everyone’s talking about,” he said. “We overcame the toughest challenge for any consumer service at scale by reversing declining audience trends and re-accelerating usage.”
He advised patience, saying revenue growth “will take time, but we’re moving fast to show results.”
Investors may not be as patient, as Twitter shares were down about 10 percent in Thursday pre-market trading.