Twitter shares surge amid bid rumours

Twitter shares have soared over 18% on reports that tech giants including Google are circling the social media site.

Twitter is said to be in talks with several companies and could receive a bid soon, business broadcaster CNBC reported, citing sources.

Google and Salesforce.com are said to be among the firms eyeing the microblogging site.

US-listed Twitter shares were up $3.38 at $21.95 per share.

The social media site has faced growing criticism over earnings momentum, amid sluggish user and advertising growth.

Poor performance even prompted co-founder Jack Dorsey to return to the helm as chief executive back in 2015.

Twitter has since made a notable move towards video and live streaming partnerships under his leadership.

Still, the company reported its weakest revenue growth since its stock market flotation in 2013 back in July, with second quarter revenue rising 20% to $602m.

It managed to add three million new users, which only accounted for a 1% jump from the first quarter.

 

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