Science

Twitter cuts 9 per cent of its workforce worldwide

Twitter cuts 9 percent of workforce as revenue growth slows was posted in Sci-Tech of TheNews International - https://www.thenews.com.pk on October 27, 2016 and was last updated on October 27, 2016.

Vine videos will remain accessible for now and the company said it will keep the Vine website online as users work to migrate their video to other services.

It wasn't immediately clear why the Vine app would be shut down, and Twitter didn't immediately respond to questions. However, the selection of Dorsey proved otherwise as he's now the CEO of both Twitter and Square, two public companies.

Twitter's conference call is getting underway now, at 8 am, Eastern time, and you can tune in via a link on the company's investor relations Web site.

"The longer we go without a bid, however, the more likely the company may continue on alone".

Shortly after the announcement, Rus Yusupov, one of the creators of Vine, tweeted a message.

The company was less than forthcoming on the topic of future revenues, and also declined to provide the third quarter's daily active user numbers for analysts.

Total advertising revenue of $545 million grew 6 percent year-over-year, and 90 percent of it came from mobile.

Since the end of 2014, Twitter has lured 15 million monthly users to expand its audience to 313 million people. Analysts had expected a net gain of three million.

The reported EPS was $0.13, showing YoY increase of 30% from the third quarter of past year, when the reported EPS was $0.10. Before Thursday's results, Morgan Stanley analyst Brian Nowak wrote that marketers are planning to decrease ad spend on Twitter compared with a year earlier in favor of other services with "greater reach, lower effective pricing and superior targeting". The company reported 317 million monthly active users, beating analysts' average estimate of 315 million. So when shareholders of Disney or shareholders of Google look at it, they can't just say they're buying a media company or they're buying a social platform. Twitter struck a $10 million deal with the National Football League to live stream Thursday night games. The company said the restructuring would cost between $10 million and $20 million in cash expenditures, most of which would be severance costs, and $5 million to $10 million of non-cash expenditures, primarily stock-based compensation expenses.

Twitter said it plans to continue improving the users' timeline with machine learning, which the company said helps with both timeline relevance and also with increasing relevant notifications to drive engagement.

Twitter confirmed previous reports that the company is looking to slim down its workforce again - a year after last initiated layoffs, eliminating 8% of staff.

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Twitter cuts 9 per cent of its workforce worldwide