Twitter, seemingly unable to find a buyer and losing money, is cutting about 9% of its 3,860 employees worldwide, reports the AP. Twitter Inc., which has struggled amid competition from the likes of Facebook, Snapchat, and Instagram, said Thursday that it expects to book about $10 million to $20 million in workforce restructuring charges as it lays off about 350 workers. "We have a clear plan, and we're making the necessary changes to ensure Twitter is positioned for long-term growth," CEO Jack Dorsey said in a statement. Since the end of 2014, Twitter has lured 15 million monthly users to expand its audience to 313 million people. In that same period, Facebook brought in 319 million users, expanding its reach 1.7 billion people.
Twitter is placing a big bet on live video, and recently landed a high-profile deal to show National Football League games over 10 Thursdays. It wants to be the go-to place to share opinions in real time. "But management appears unfocused and complacent, while the narrative has shifted to buyout rumors," writes one analyst, who believes that Twitter remains too complicated for most users despite numerous attempts to change that. On Thursday, Twitter said that average monthly active users climbed 3% to 317 million during its third quarter, while average daily active usage increased 7%. Twitter Inc. posted a loss of $102.9 million, or 15 cents per share. Adjusted profit of 13 cents per share on revenue of $616 million. Analysts polled by Zacks Investment Research expected earnings of 9 cents per share on revenue of $605.7 million. Advertising revenue rose 6% to $545 million, with mobile advertising making up 90% of total ad revenue. (More Twitter stories.)
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