They spend a ton on data centers and talent. Last quarter there was no user growth and profit per share was 7 cents. Shareholders definitely don't agree with you about this.
What's not to agree with exactly? The fact is they grew sales 61% - with zero user growth. For a company that large to be growing that fast, they're very clearly having no problems with growing the business.
They need 47% growth in the next four quarters, and then 36% growth in the four quarters after that, to hit $3.5 billion in sales. Given first quarter growth was 74%, then second quarter growth was 61%, it's not a far stretch to hit 47% over the next four.
Shareholders have sent the stock down on the basis of user growth, not sales growth.
Twitter has three problems.
1) They're not Facebook, it is not about users, and they should stop trying to be something other than a broadcast platform. It's about consumption.
2) They were extremely overvalued right out of the gate. There was a lot of delusional thinking around their potential. There's one Facebook, there isn't going to be another any time soon. Twitter will never be another Google type company.
3) They're carrying vastly more cost in their business than they need to. They have 36% the head count of Facebook, with 12% of the sales. They've stacked the business on the premise they were going to be a massive company like Facebook - they're not, it's time to adjust costs accordingly.
Yahoo is one of the largest consumer tech companies on earth with $4.6 billion in sales. Yahoo's problem isn't their size today, it's their lack of sales growth for ten years. Twitter doesn't have a lack of sales growth.
