Twitter slows down in the third quarter and announces the arrival of an internal restructuring plan according to which the workforce will be reduced by 9% on a global scale.
Speaking of the accounts, in the reference period, the growth in turnover continues to be slow. Revenue rose 8,2% to $569,2 million, a result that represents the smallest increase and the ninth straight quarter of growth slowdown. Analysts expected a turnover of 606 million dollars.
The social network also recorded net losses of $102,9 million, -15 cents per share, while excluding extraordinary items, profit was 13 cents per share, better than the 9 cents expected by analysts.
One of the most awaited data from the market is that relating to active users which, in the third quarter, were 317 million. A disappointing number again, representing only 1,7% more than in the second quarter.
In the meantime, the rumors continue regarding the future of the giant led by Jack Dorsey which, after the step backwards by Google, Microsoft on the possible acquisition, seems unable to whet the appetite of the market. Based on the most recent rumors, however, it seems that Disney could be back in the field with an already agreed price.
Just the stalemate relating to the sales negotiations would have prompted Twitter to announce the cut of 9% of the workforce with the aim of relaunching the company. Today's quarterly therefore confirms the rumors circulating that reported the hypothesis of 800 layoffs among employees. With the cuts, the American giant expects to budget costs between 10 and 20 million dollars and expenses related to stock compensation between 5 and 10 million dollars. Most of them will be budgeted under extraordinary charges for the fourth quarter.
