Twitter To Lay Off 9 Percent Of Its Global Workforce, Shuts Down Vine
The tech consolidation is coming. How long can Twitter stay afloat when it doesn’t make any money? This is just the beginning as Twitter will continue to cut its workforce to stay profitable according to this Mercury News report.
Twitter wants to soar to new heights, but as the tech firm lays off hundreds of employees and shuts down video app Vine, analysts and investors remain wary about whether the struggling social media company can grow fast enough.
Early Thursday morning, Twitter said it plans to cut up to 9 percent of its global workforce, an estimated 350 employees. It’s the second major round of layoffs for Twitter since co-founder Jack Dorsey returned last year in a bid to turn around the company.
In a letter to shareholders, Twitter said the restructuring plan “focuses primarily on reorganizing our sales, partnerships and marketing efforts.” The 10-year-old tech firm did not specify how many of the layoffs would come from its San Francisco workforce.
Twitter also announced that it was shutting down Vine — a video app that allows users to share six-second clips that automatically replay — in the coming months. Twitter purchased Vine, which has more than 200 million monthly active users, before the app launched in 2012.
Twitter increased its monthly active users to 317 million in the third quarter, up from 313 million during the second quarter, which the firm attributed to improvements to the home timeline and notifications. The company reported a $103 million net loss in the third quarter.
With a takeover failing to come to fruition, some analysts expected that the company would take measures to cut costs. Salesforce.com, Walt Disney and other companies were reportedly interested in buying Twitter, but backed away from making a bid.
Twitter declined to elaborate on why Vine was shutting down and the exact day the service will end. Marketers and ad buyers who pay social media stars to promote their products have been directing their dollars to other sites, including Facebook and Instagram, The Wall Street Journal reported in March.
“These things happen in social media,” Williamson said. “You can be a darling one day and not so good looking the next day.”
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