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October 27, 2016 04:00 pm

Twitter Is Cutting 9% of Its Global Workforce

Twitter is planning to lay off 9 percent of its global workforce, as the ailing San Francisco tech giant struggles to please Wall Street despite beating earnings expectations. The company officially announced the cuts today in its third-quarter earnings, days after reports began to surface of the impending cuts. AdWeek reports: According to Twitter, the majority of the reductions will take place in its sales, partnerships and marketing divisions in order to "continue to fully fund our highest priorities," according to a letter to shareholders. However, the earnings also came with some good news. Total monthly active users grew for the second consecutive quarter to 317 million users, gaining 4 million over the past three months since its second-quarter results. Daily active users also increased, rising 7 percent year over year. Twitter's revenue totaled $616 million -- an 8 percent increase year over year. Earnings per share totaled 13 cents, beating expectations of 9 cents per share and $606 million in total revenue. However, the company reported profit fell by $103 million.

Read more of this story at Slashdot.


Original Link: http://rss.slashdot.org/~r/Slashdot/slashdot/~3/qN4sIBzdcYk/twitter-is-cutting-9-of-its-global-workforce

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