Twitter earnings leak early and now the stock is crashing

dick costolo 103

(Ethan Miller/Getty Images) Twitter CEO Dick Costolo

Twitter's earnings just came out and the company posted a big miss on revenue and slashed its outlook.

After being halted for trade, the stock re-opened down as much as 22% to around $39.21.

Shares of Twitter initially fell about 6% after Twitter's earnings were initially leaked by research firm Selerity before being halted for trade.

Selerity leaked the earnings on Twitter.

In the first quarter, Twitter's revenue hit $436 million, missing expectations for $456 million, according to estimates from Bloomberg. Twitter said that in the first quarter, foreign exchange impacts took 6% out of annual revenue growth.

Twitter's first quarter adjusted earnings came in at $0.07, better than the $0.04 that was expected.

Average monthly active users totaled 302 million in the first quarter, in-line with expectation, up 18% from the prior year and up from 288 million in the previous quarter.

Average mobile monthly active users were 80% of the monthly active user total.

The company also cut its revenue outlook for the second quarter to $470-$485 million, well below expectations for revenue of $538.1 million. In the second quarter adjusted EBITDA, a broad measure of profitability, is expected to come in at $97-$102 million, well below expectations for $122.5 million.

For the full-year, the company sees revenue totaling $2.17-$2.27 billion down from a prior outlook for $2.32-$2.35 billion. Adjusted EBITDA is expected to total $510-$535 million in 2015, down from a previous outlook for $550-$575 million.

These outlooks reflect the impact of Twitter's acquisition of TellApart, a marketing technology firm. Twitter announced the TellApart deal along with its earnings release on Tuesday.

The big news here, however, is that the report leaked early. Research firm Selerity tweeted out Twitter's earnings at around 3:07 pm ET on Tuesday, and the stock quickly started moving. Selerity later tweeted that it got its information off Twitter's investor relation website, adding that there was "no leak, no hack."

Here's the incredible plunge in Twitter shares on Tuesday afternoon.

Screen Shot 2015 04 28 at 4.02.34 PM

(Google Finance)

Via Selerity's Twitter account, here was the breakdown on Twitter's first quarter earnings that leaked early.

Screen Shot 2015 04 28 at 3.21.27 PM

(@Selerity)

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