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Twitter To Begin Layoffs (nytimes.com)

Posted by Soulskill on from the describe-what-it-is-you-do-here-in-140-characters-or-fewer dept.

An anonymous reader writes: Just a few days ago, Twitter co-founder Jack Dorsey returned to the company and took over the role of CEO. Now, the NY Times reports that the company will be facing layoffs as he cuts the company's costs. Twitter somehow manages to employ over 4,100 people across 35+ offices, so many investors are thrilled with the news. "Twitter's spending has been rising. In the last quarter for which Twitter reported financial results, costs and expenses totaled $633 million, up 37 percent from a year earlier. The layoffs will most likely affect multiple areas of the company, including the engineering and media teams, according to the people with knowledge of the plans." The company is also dropping plans to build a 100,000 square-foot expansion to its headquarters.

1 of 138 comments (clear)

  1. Latest quarterly report by f97tosc · · Score: 5, Informative

    In the latest quarterly report they reported about $500 million in revenues and about $630 million in cost (including administrative and R&D) for a total loss of $130 million.

    Pretty incredible raking in half a billion on online advertisement and still make a loss.