Twitter to axe 9% of workforce in drive for profit
Social network Twitter is to slash 9 per cent of its global workforce as it embarks on a major shake-up of the business.
The San Francisco-based firm, which employs some 3,860 people, said the restructuring would focus on its “sales, partnerships and marketing efforts” in order to become profitable next year.
It came as Twitter announced that revenues rose 8 per cent year-on-year in the third quarter to $616 million (£502.7m).
Although it made a net loss of $102m for the three months to the end of September, that marked an improvement on last year’s loss of $132m for the period.
Advertising revenues came in at $545m, but growth of 6 per cent eased back from the 18 per cent increase seen in the second quarter.
Chief executive and co-founder Jack Dorsey said the company was making the “necessary changes” to ensure it was primed for long-term growth.
He added: “We see a significant opportunity to increase growth as we continue to improve the core service. The key drivers of future revenue growth are trending positive, and we remain confident in Twitter’s future.”