What’s happening there — Layoffs at Twitter

Or, as Bloomberg News puts it bluntly, Twitter is “unprofitable” and is “trying to control spending as sales growth slows”.

Twitter on Thursday managed to beat analysts’ third-quarter earnings expectations.

Twitter is cutting 9% of its workforce in an effort to make itself profitable as soon as next year.

Shares of Twitter, which have tumbled 27 percent in the past month as possible suitors have wandered away, rose 34 cents, or 2 percent, to $17.63 in afternoon trading on Thursday. He added that Twitter needed to grow revenue by US$200 million to US$300 million a quarter to achieve 2017 profitability.

Twitter results follows weeks of reports that multiple companies including Salesforce, Walt Disney and Google parent Alphabet looked at acquiring Twitter and decided not to offer a bid.

Now Dorsey, who is also CEO at Square Inc., is laying out plans for an independent turnaround.

Twitter reported a net loss for the quarter of $103 million, compared with a Dollars 132 million loss a year earlier. “One must ask if a part-time CEO is allowing Twitter to operate at its maximum potential”.

Earnings during the period totalled $616 million thanks to an 8 percent rise in revenues. The firm increased its revenue, raised the number of monthly active users, and even brought home significantly more cents per share in comparison to the second quarter of the year.

The company will let go of an estimated 350 despite reporting that they slightly exceeded their third quarter estimate.

In his note, Dorsey addressed the topic of harassment further: “Everyone on Twitter should feel safe expressing diverse opinions and beliefs and targeted behavior that harasses or threatens others to silence another person’s voice is unacceptable to us and a violation of our policies”. Now, he’ll get that chance.

The company will also introduce new policies and safety features in November to help people feel more comfortable with the service.

Noto said Twitter’s live video strategy is showing great progress. That deal sparked others in sports, entertainment and politics. It has also drawn large audiences for events such as the USA presidential debates and NFL football games. The initiatives are likely to boost user numbers and sales, executives said today. In October 2015, Twitter announced that it would lay off up to 336 employees.

“This morning we announced a restructuring and reduction in force affecting approximately 9% of Twitter’s positions globally”, Dorsey wrote.

The messaging platform said it would cut nine percent of its workforce after another money-losing quarter, but suggested it could reach profitability for the first time next year.