Twitter said to plan 300 more job cuts this week
- 25 October, 2016 14:00
Twitter may trim its staff again by about 300 people or 8 percent of its workforce, as the company tries to cut costs in trying times.
The widespread job cuts could come before the company releases its third-quarter earnings on Thursday, according to Bloomberg, which cited people familiar with the matter. It cautioned that the precise number of jobs affected could change.
A Twitter spokeswoman said in an email that the company doesn’t comment on rumor or speculation.
Twitter announced in October last year that it was laying off 336 employees.
Unlike many of its peers, the company has failed to grow significantly the number of its users or adequately monetize through advertising the number of users it already has on the site.
For the second quarter of 2016, the company reported that average monthly active users (MAUs) of the service for the quarter were 313 million, up 3 percent year-over-year and compared to 310 million in the previous quarter. Revenue at US$602 million was up 20 percent year-over-year, but the company posted a loss of over $100 million under generally accepted accounting principles.
The company has been trying to give users better ways to express themselves on Twitter, including through streaming video and by not counting @names in replies and media attachments in the 140-character limit for a tweet.
The company had hired bankers to explore a sale, but Salesforce.com, The Walt Disney Company and Alphabet, which had shown interest, later backed out from the process, according to reports. The company has seen a steep decline in its share price over the last one year.