Twitter Plans More Job Cuts as Soon as This Week

Twitter Plans More Job Cuts as Soon as This Week

Foto: Fotolia

According to Bloomberg, Twitter is planning widespread job cuts, to be announced as soon as this week, said people familiar with the matter. The company may cut about 8 percent of the workforce, or about 300 people, the same percentage it did last year when co-founder Jack Dorsey took over as chief executive officer, the people said. Planning for the cuts is still fluid and the number could change, they added. The people asked not to be identified talking about private company plans.

An announcement about the job reductions may come before Twitter releases third-quarter earnings on Thursday, one of the people said. A Twitter representative declined to comment. Twitter, which loses money, is trying to control spending as sales growth slows. The company recently hired bankers to explore a sale, but the companies that had expressed interest in bidding -- Salesforce.com Inc., The Walt Disney Co. and Alphabet Inc. -- later backed out from the process.

Twitter’s losses and 40 percent fall in its share price the past 12 months have made it more difficult for the company to pay its engineers with stock. That has made it harder for Twitter to compete for talent with giant rivals like Alphabet Inc.’s Google and Facebook Inc. Reducing employee numbers would relieve some of this pressure.

More from category

Amazon to Create 100,000 New Jobs in U.S. in Next 18 Months

Amazon to Create 100,000 New Jobs in U.S. in Next 18 Months

14 Jan 2017 comment

Amazon revealed plans to hire more than 100,000 people in the U.S. in the next 18 months, grabbing the spotlight as President-elect Donald Trump pushes companies to employ more Americans, according to Bloomberg. The move could appease Trump, who tangled with Amazon CEO Jeff Bezos during the election campaign.

The Rise of the Chief Data Officer Signals an Age of Infinite Possibilities

The Rise of the Chief Data Officer Signals an Age of Infinite Possibilities

12 Jan 2017 comment

At the end of last year, Gartner estimated that 25 percent of large global organizations had already hired a chief data officer (CDO). By 2019, Gartner expects that number to reach 90 percent. "This rapid shift is the tip of the iceberg," said Ted Friedman, research vice president and distinguished analyst at Gartner, and summit chair for the Gartner Data & Analytics Summits.

Vimeo Enters Crowded TV Fray

Vimeo Enters Crowded TV Fray

8 Jan 2017 comment

The video-sharing site Vimeo, which predates YouTube, will join the crowded online-TV market, according to Bloomberg. Vimeo will soon introduce an on-demand video service akin to Netflix and Hulu, and is lining up TV shows and staff it hopes will convince people to cough up a monthly fee for yet another TV subscription. “We’re going to spend real money on programming for the first time ever, and put real marketing money behind it," IAC Chief Executive Officer Joey Levin said in an interview at CES in Las Vegas.