Twitter is expected to slash 9 percent of its total workforce. According to Twitter CEO Jack Dorsey, the company is moving on the right track and will take all the required steps to make necessary changes to ensure long-term growth.
On Friday, the micro-blogging site has announced that the company will cut 9 percent of its workforce to drive growth since they are unable to find a suitable buyer.
Commenting on the development, Dorsey disclosed that the company oversees a significant opportunity to increase growth as we continue to improve the core service. He said that the management has framed a clear plan and is positioned for long-term growth.
Twitter posted a net loss of $103 million for the quarter, which is comparatively lower than the same period in 2015. Meanwhile, the total revenue increased to 8 percent, pegged at $616 million. According to sources, most of the revenues came from advertising.
In a statement, Twitter revealed that the restructuring is intended to create greater focus and efficiency. Moreover, the actions taken now will drive the company to the expected profits in 2017.
There were rumors that Twitter was reportedly held meetings with Alphabet and Salesforce in a bid to acquire the company. However, the attempts failed since none of the company were in a position to accept the huge burden. Meanwhile, Salesforce revealed that Twitter was not a good fit for the group.
Even though there is no sign of profit, Dorsey revealed that the latest results show positive signs. The company is planning to cut as many as 350 jobs out of the overall 3860 employees. Twitter requires another USD 20 million funding to reorganize the company.
After Dorsey took charge of the company, Twitter added a wide range of services such as live video including partnerships with major sports organizations. The social media platform also attracted several users during the US presidential debates and NFL football games.