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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.

6 of 138 comments (clear)

  1. Great, another idiot by U2xhc2hkb3QgU3Vja3M · · Score: 5, Insightful

    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.

    So, cut everyone except the management positions. What's left? NOTHING. And I hope he becomes CEO of Facebook in a few years, too.

    1. Re:Great, another idiot by Anonymous Coward · · Score: 5, Insightful

      Considering the disparity in wages these days, firing just one guy from management would reduce costs 2-3 times as much.

  2. Really...? by Ed_1024 · · Score: 5, Interesting
    From summary:

    Twitter somehow manages to employ over 4,100 people across 35+ offices

    What do they do? I would have thought this is one business that could almost be run in the cloud with no human involvement (apart from the tweeters)...

  3. Wow by PSXer · · Score: 5, Funny

    It seems to me that...

    comment continued in next post

  4. 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.

  5. Re:Investors are parasites by ahabswhale · · Score: 5, Insightful

    Oh bullshit. Twitter burns money like there's no tomorrow. They've never made a single penny of profit. To think that this would somehow go on forever, without consequences, is ridiculous. If anything, investors have been way to forgiving of twitter for far too long. Also, you're not doing anything to preserve jobs when you risk the company going under. Grow up.

    --
    Are agnostics skeptical of unicorns too?