San Francisco, Oct 28 : In a bid to realign its future goals and cut costs, micro-blogging website Twitter has reduced 9 percent of its workforce (nearly 350 people) globally. The announcement was made during the company's third quarter (2016) results that beat analysts expectations, leading to a 2 per cent jump in Twitter shares in afternoon trading on Thursday, Recode reported on Friday.
Twitter also killed off Vine, its mobile video app where users share short video clips that play in a loop."We have a clear plan, and we're making the necessary changes to ensure Twitter is positioned for long-term growth," CEO Jack Dorsey said in a statement.
The company posted a revenue of $616 million, up 8 per cent year-over-year, and reported net income of $92 million.Twitter's net loss in the quarter was $103 million, an improvement from a net loss of $132 million in the year-earlier period.
Monthly active users (MAUs) reached 317 million for the third quarter, up 3 per cent from 313 million in the previous quarter. "We are getting more disciplined about how we invest in the business, and we set a company goal of driving toward GAAP profitability in 2017," CFO Anthony Noto said in the earnings statement.
"We intend to fully invest in our highest priorities and are de-prioritising certain initiatives and simplifying how we operate in other areas," Noto added. Last year, Twitter had cut 300 jobs after Dorsey took over as CEO full-time.
Twitter had 3,860 employees as of June 30 this year and paid out $168 million in stock-based compensation in the second quarter.Earlier this month, Twitter's last potential buyer Salesforce also decided not to make a bid to buy the micro-blogging website.
Salesforce CEO Marc Benioff told the Financial Times that he has "walked away" from making a bid to buy Twitter. Earlier, Google, Apple and Walt Disney also decided not to bid for the website.The acquisition of Twitter may cost over $20 billion.
Hyderabad, May 20: Tollywood bubbly Actress Raashi Khanna has launched the first song of the film Jambalakidi Pamba, which features Srinivas Reddy and. The actress said the song is really nice to ..Written by : IANS | 05:55 PM
Hyderabad, May 19: Hyderabad Metro Rail (HMR) will become the first metro in the country to provide Electric Vehicle (EV) Charging Stations. HMR keen to a step forward to create amazing achievemen ..Written by : IANS | 04:31 PM
Hyderabad, May 20: Tollywood Macho Star Manchu Manoj has celebrated his birthday on today, in this many of the celebrities has been wished the Young actor on thier Micro Biological sites. His fathe ..Written by : IANS | 03:53 PM
Hyderabad, April 12: Nagarjuna's song "Ninnu Roddu Meeda Chusnadi Laggayithu" one of the most popular songs in 1990's. The Song has got a tremendous response in that time. The SOng was super hit film ..Written by : IANS | 05:04 PM
Hyderabad, Apr 10: Preparations related to NTR Rama Rao biopic are ongoing. Bala Krishna is playing the role of NT Rama Rao while the rest of the cast has to be finalized. The selection process for th ..Written by : IANS | 02:13 PM
Hyderabad, Apr 03: Power star Pawan Kalyan has congratulated on the hit of Rangasthalam team here on today. Pawan spoke to Charan after watching "Rangasthalam" on the special screen, he told that h ..Written by : IANS | 04:47 PM
Hyderabad, Mar 26: The Tollywood Gorgeous actress Anushka Shetty had a fabulous start to 2018 with the solid success of Bhaagamathie. Although there have been several rumors on her future projects ..Written by : IANS | 03:04 PM
Chennai, May 20: Actor-turned-politician Raji ..
New Delhi, May 20: The public sector BSNL wil ..
Bangalore, May 20: Ending the long-lived high ..
New Delhi, May 19: Congress President Rahul G ..
Bengaluru, May 18: In a shocking comment, Mah ..
Bangalore, May 19: Just two days after taking ..
Bengaluru, May 19: BS Yeddyurappa's tenure as ..
Bengaluru, May 19: The floor test in the Karn ..
Bangalore, May 19: I cannot forget the love a ..
Bengaluru, May 19: Congress MLAs Anand Singh ..
Washington, May 18: US President Donald Trump ..
Washington, May 18: Trump who is know for his ..
New Delhi, May 17: In a major development tow ..
New Delhi, May 16: Facebook took moderation a ..
London, May 15: Chinese mobile maker Honor on ..
San Francisco, May 13: After reports surfaced ..
Beijing, May 13: As it prepares to file an in ..
Dhaka, May 12: Bangladesh launched its first ..
Kathmandu, May 12: Indian Prime Minister Nare ..
San Francisco, May 12: The giant Social media ..
New Delhi, May 20: Mahendra Singh Dhoni enjoy ..
Hyderabad, May 18: The Telangana government h ..
New Delhi, May 18: The International Cricket ..
Barcelona, May 16: FC Barcelona's star player ..
New Delhi, May 16: Continuing its Dominant sh ..
New Delhi, May 15: Plea by former cricketer S ..
Chennai, May 15: Mahendra Singh Dhoni is soon ..
Reykyavik, May 13: FIFA World Cup debutant Ic ..
New Delhi, May 09: As we knew that, The BCCI ..
New Delhi, May 09: The BCCI selectors met in ..
Hyderabad, May 20: Nowadays, Wearing a trendy ..
Hyderabad, May 19: Bharti Airtel is now offer ..
Some healthy facts of daily walk~ 1- Daily ..
New Delhi, May 16: Today, many people are una ..
New Delhi, May 15: Realme is a new brand ente ..
Mumbai, May 14: India Biggest Telecom Operato ..
Hyderabad, May 07: If you own a smartphone, t ..
Hyderabad, May 6: Weight loss is one of the l ..
Hyderabad, May 06: Losing Belly fat is not as ..
Hyderabad, April 30: Good news for the Indian ..