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Twitter Is Cutting 9% of Its Global Workforce (adweek.com)
Twitter is planning to lay off 9 percent of its global workforce, as the ailing San Francisco tech giant struggles to please Wall Street despite beating earnings expectations. The company officially announced the cuts today in its third-quarter earnings, days after reports began to surface of the impending cuts. AdWeek reports: According to Twitter, the majority of the reductions will take place in its sales, partnerships and marketing divisions in order to "continue to fully fund our highest priorities," according to a letter to shareholders. However, the earnings also came with some good news. Total monthly active users grew for the second consecutive quarter to 317 million users, gaining 4 million over the past three months since its second-quarter results. Daily active users also increased, rising 7 percent year over year. Twitter's revenue totaled $616 million -- an 8 percent increase year over year. Earnings per share totaled 13 cents, beating expectations of 9 cents per share and $606 million in total revenue. However, the company reported profit fell by $103 million.
If you bought shares in Twitter, you invested in a company that...
- Allowed people to be as abusive as they want provided they're not white
- Allowed ISIS to have a presence
- Allowed witch hunts to take place against users including doxxing and death threats
- Gave up info on people for following the wrong person
- Allowed people to create massive blocklists that slandered them as "harassers" that ran on the logic of "You followed the wrong person"
- Dishes out bans for no reason, and refuses to give up those reasons
- On that note, banning people for being republican.
- Has ignored European Freedom of Information requests
- Added a timeline that, let's be honest here, is used to hide users and tweets
- Censored multiple trending hashtags relating to leaks
- Banned users for repeating or retweeting offensive tweets, but not the original poster
- Didn't ban a guy posting CP until the hashtag demanding his ban was trending worldwide
Is it any surprise that in light of these repeated mismanagements and double-standards that Twitter's share price has been going like a bouncy-ball? I wouldn't want to be associated with them.