Twitter To Cut Out 9% Of Its Workforce After Failing To Find A Buyer

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The social media company, Twitter, has reaffirmed its strategy to drive growth after failing to find a buyer, by cutting 9% of its workforce.

According to Chief Executive Jack Dorsey, “We see a significant opportunity to increase growth as we continue to improve the core service,” he said while releasing quarterly results showing more losses.

“We have a clear plan, and we’re making the necessary changes to ensure Twitter is positioned for long-term growth.”

Twitter said the restructuring “is intended to create greater focus and efficiency” and help move toward profitability in 2017.

According to AFP, Twitter reported a net loss of $103million for the quarter compared with a $132million loss a year earlier.

Revenues meanwhile grew eight percent to $616million, mostly from advertising.

The cuts would amount to about 350 jobs lost, based on the Twitter website’s headcount of 3,860 employees worldwide.

About a month ago, Twitter was widely reported to be in talks to sell the service, and it reportedly held meetings with Google parent company, Alphabet and cloud computing giant, Salesforce but nothing seemed to have come out of the talks.

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