Twitter slashes 9% of its workforce with eye on 2017 profit
Twitter said its user base grew by 3 per cent in the third quarter. Photograph: (Reuters)
Microblogging service Twitter announced on Thursday that it would cut about 9 per cent of its workforce after reporting a sharp slowdown in quarterly revenue growth.
Twitter has been struggling to sign up new users amid competition from nimbler rivals such as Instagram and Snapchat.
The microblogging service said its user base grew by 3 per cent to 317 million average monthly active users in the third quarter from $313 million in the second quarter. This was a little more than the $316.3 million that analysts had expected, AFP reported.
Revenue rose about 8 per cent to $616 million, beating its own forecast of $590 million to $610 million.
Revenue grew by 20 per cent in the previous quarter. Revenue rose nearly 58 per cent last year. The company had hired bankers last month to field acquisition offers but major companies did not bid, AFP reported.
Twitter had earlier said it would discontinue its video app Vine next month, clarifying that users would still be able to access and download their videos.
On Thursday, Vine confirmed the news with a post on their site and said the application would be discontinued in the coming months.
(WION with inputs from AFP)