Twitter Lay Offs Confirmed
Jack Dorsey, the co-founder of Twitter decided to return as CEO of the company when times are not very easy. The firm is struggling to improve its revenues from advertising, grow its user base and many are asking about the future prospects of the online social media networking company.
Dorsey announced layoffs at Twitter recently and said that it was a part of a restructuring plan. He stated that the move will allow stronger growth at the social network company.
In 2010, Twitter started its first Seattle office and later on moved fifty of the workers that it had in the area to a new office in the 20th floor of the Century Square building that stands in the middle of downtown.
Dorsey said that although it is restructuring its workforce but engineers will still comprise of the biggest percentage of Twitter employees. He added that other teams working with Twitter will be scaled accordingly. Twitter announced it will trim eight percent of its workforce which could be close to 336 jobs. After the announcement, shares moved up two percent in pre-market trading.
According to the company's forecast the revenue and earnings for Q3 should be equal to or surpass the upper end of earlier predicted ranges of $545 million to $560 million (revenue) and $110 million to $115 million (earnings).
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