Twitter had a rough day.
The social media company’s share price hit a record low Monday (Feb. 8) ahead of its earnings release on Wednesday. Its valuation hit $9.45 billion—smaller than some notable private startups including Uber, Airbnb, Snapchat, and Dropbox, according to data from CBInsights, a tech industry research firm.
Some of those lofty valuations might be a result of companies otherwise ready for an IPO staying private longer in order to avoid the scrutiny of public shareholders.
But Twitter has plenty of problems. The company has been struggling to increase its user base, adding only 4 million users in the third quarter. It also missed analyst expectation when it reported revenue of $569 million for the quarter. Several top executives left recently. The company hired a new chief marketing officer, Leslie Berland from American Express, but hasn’t filled the other positions.
Late last week, Buzzfeed reported that Twitter was planning to introduce a timeline as soon as this week determined by an algorithm, instead of sorting tweets chronologically. That possibility proved to be very upsetting to users. CEO Jack Dorsey denied that the new feature would be coming this week, but didn’t rule it out completely.