News
Twitter Plans More Layoffs
October 26, 2016
Unable to sell itself to the likes of Salesforce, The Walt Disney Co and Alphabet Inc, Twitter plans to lay off 8% of its workforce, or about 300 employees. It cut about the same number of jobs last year, reports Bloomberg.
The San Francisco-based company has been struggling with sliding profits, slowing sales growth and a 40% fall in its share price over the past 12 months. Twitter stocks fell another 4.3% yesterday.
Earlier this year, it subleased 24k SF of its Chelsea, NY, office. It also abandoned plans last year to expand into San Francisco's 1455 Market St. [Bloomberg]
