After failing to find a buyer, Twitter unveils deeper-than-expected job cuts

The social networking site plans to shed 9% of its global workforce.

By Associated Foreign Press

TWITTER, SEEMINGLY UNABLE to find a buyer and losing money, is cutting about 9% of its employees worldwide.

The social media site has failed to keep pace with rivals Facebook, Snapchat and Instagram and, in recent months, rumors that it would be acquired have run rampant.

The San Francisco company said it expects to take $10 million to $20 million in charges as it lays off more than 300 of its 3,860 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 company release.

The announcement comes after the company was tipped to cut 8% of its staff worldwide as possible takeover offers from the likes of Google and Salesforce failed to materialise.

The social networking site recently took the wraps off its new EMEA HQ in Dublin’s Cumberland House, however a spokesman for the company wouldn’t say how the job cuts were expected to affect its Irish operations.

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’s service is used heavily by celebrities, journalists and politicians, giving it an outsized role in public discourse. But it has struggled to extend that appeal to a broader audience and has wrestled uncomfortably with bullying on its site and racist posts.

File photo THE HEAD OF Twitter’s Irish operations is leaving the US tech company to join local venture capital outfit Frontline Ventures. Stephen McIntyre will be replaced at Twitter by former RTE journalist and Storyful founder Mark Little from the sta Twitter Ireland boss Mark Little
Source: Sam Boal/RollingNews.ie

Video bet

Twitter is placing a big bet on live video and recently landed a high-profile deal to show NFL games. 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,” wrote Wedbush analyst Michael Pachter.

Pachter believes that Twitter remains too complicated for most users despite numerous attempts to change that.

Twitter said that average monthly active users climbed 3% to 317 million during its third quarter, while average daily active usage increased 7%.

Twitter posted a loss of $102.9 million on revenue of $616 million. Advertising revenue rose 6% to $545 million, with mobile advertising making up 90% of the total ad revenue.

Twitter said that it was not giving revenue forecasts for the fourth quarter or full year due to restructuring in its sales department.

Additional reporting Peter Bodkin