Twitter posted a disappointing $175m loss in its third quarter, leading to a 9% decline in its stock on Monday (27 October).

The social network’s sales were up by 114% year-on-year to $361m, but this still fell behind analyst expectations of around $450m.

The site reported that it now has 284 million users, an increase of 23% on the previous period in 2013, but has suffered from a 7% decline in timeline views per user.

Despite the negative results, Dick Costolo, chief executive of Twitter said: “We had another very strong financial quarter.

“I’m confident in our ability to build the largest daily audience in the world, over time, by strengthening the core, reducing barriers to consumption and building new apps and services.”

The social site also reported that 85% of its total advertising revenue now comes from mobile.