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Twitter fell as low as US$37.24, the lowest since it started trading in November, and was down 11% to US$37.89 as of 9:37 a.m. New York time.

Chief Financial Officer Mike Gupta said on a conference call with analysts that the San Francisco-based company has no plans to pursue a secondary share sale.

Twitter’s net loss widened to US$132.4 million, or 23 cents a share, from US$27 million, or 21 cents, a year earlier. Excluding some items, the company broke even, beating the 3-cent loss predicted by analysts.

Even as user growth slowed, people viewed their Twitter timelines more often, with 157 billion views, up 15% from a year earlier.

Chief Executive Officer Dick Costolo has said he is tweaking the company’s product to draw in and retain users. Twitter has tried altering its design to display images and videos more prominently. This year, the company is working to simplify private messaging, particularly for moving between private and public conversations, Costolo said.

“The distribution and consumption of tweets around the world is already mainstream,” Costolo said yesterday in an interview. “Now, what we’re in the process of doing is working to increase the value of the logged-in experience.”

He said the company is seeing signs of accelerating user growth, especially in the U.S.

Google Hire

Twitter said this month that it hired Daniel Graf, who was a director in Google Inc.’s mapping unit, to be its new head of product, starting in June. Graf replaces Michael Sippey, who left the position in January. The company will focus on improving its main products, including the video-sharing application Vine, rather than relying on acquisitions to boost growth, Costolo said.