This article is from the source 'independent' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.independent.co.uk/news/business/news/twitter-job-losses-cuts-profits-9-per-cent-workforce-staff-unemployment-a7382926.html
The article has changed 3 times. There is an RSS feed of changes available.
| Version 0 | Version 1 |
|---|---|
| Twitter to cut 9% of staff in bid to become profitable by 2017 | Twitter to cut 9% of staff in bid to become profitable by 2017 |
| (35 minutes later) | |
| Twitter has announced plans to cut 9 per cent of its global workforce, or about 350 people, as the company struggles to achieve profitability. | |
| Twitter, which has struggled to sign up new users amid competition from number of rivals such as Instagram and Snapchat, said it expects to book about $10 million to $20 million in workforce restructuring charges. | |
| The jobs cuts mirrors a similar move Dorsey made in October 2015 when he fired 336 people from the company in order to cut costs. | |
| The decision comes as the company reported slightly better-than-expected results on Thursday. | |
| Revenue rose about 8 per cent to $616 million in the three months to September, beating the company's own forecast of $590 to $610 million. | |
| However, it still represents Twitter's ninth straight period of slowing growth. | |
| The company also reported 317 million monthly active users, up just 1.7 per cent from the second quarter | |
| Jack Dorsey, the chief executive of the microblogging site, said: ““Our strategy is directly driving growth in audience and engagement, with an acceleration in year-over-year growth for daily active usage, Tweet impressions, and time spent for the second consecutive quarter." | |
| "We see a significant opportunity to increase growth as we continue to improve the core service. We have a clear plan, and we’re making the necessary changes to ensure Twitter is positioned for long-term growth. The key drivers of future revenue growth are trending positive, and we remain confident in Twitter’s future.” | |
| Twitter results follows weeks of reports that multiple companies including Salesforce, Walt Disney and Google parent Alphabet looked at acquiring Twitter and decided not to offer a bid. | |
| The lack of interest put further pressure on Jack Dorsey, who has struggled to accelerate revenue growth since coming back as chief executive of the company a year ago |