Image: Twitter Inc/Aaron Durand Image: Twitter Inc/Aaron Durand

Twitter's share price fell nearly 14% after reporting yet more disappointing financial results in the first quarter.

The social media giant has consistently failed to turn hundreds of millions of users into meaningful profits, and this time is no different.

Twitter posted revenues of $594.5 million (£407.89m) in the first quarter, missing analyst forecasts despite a 36% rise from the same period last year. And its own forecast of revenues of between $590m and $610m for the current quarter also fell short of market expectations.

Those figures led to an $80m loss for the first quarter.

Twitter said brand marketers did not increase their spending on advertising as much as forecast. Advertising revenue hit $537m, up 37% from last year, and mobile advertising accounting for 88% of that total.

The number of monthly active users rose to 310 million, and Twitter said its users are becoming more engaged.

In a statement, it said: “We also saw deepening engagement (likes, replies and Retweets) driven by a few important product launches, including the enhancements to the timeline and the Twitter-Periscope integration.”

It added: “We see a clear opportunity to increase our share of brand budgets over time. We have a strong product roadmap designed to tap into incremental brand-oriented online video budgets, and will deliver additional features for advertisers later this year — including more detailed demographic targeting and verification, and reach and frequency planning and purchasing.”