Twitter Inc. has announced to cut around eight percent of its workforce, which will be later clarified this week.
The social media giant is planning to slash out jobs due to its struggling condition. The layoffs may be composed of 300 people, which is equivalent to the labor reduction done by Twitter’s Chief Executive Officer, Jack Dorsey.
An unknown source stated that the plan for slashing out jobs is still indefinite in terms of figures. The anonymous informers decided not to be recognized for they exposed Twitter’s private plans.
On Thursday, the social media company may announce its financial health as represented by its third-quarter earnings. Loop Capital Analyst, Blake Harper, wrote to its clients that Twitter will not be able to circumvent analysts’ estimates of its third-quarter earnings. Layoffs may reduce the company’s pressure, but not its losses.
Alongside the financial report, layoffs confirmation may also be announced. However, a Twitter representative remained mum about this.
The social media giant struggles as an unprofitable company. Recently, The Walt Disney Co., Alphabet Inc., and Salesforce.com Inc. backed from bidding despite Twitter hiring bankers to control slowdown in sales.
On Tuesday at 11:16 A.M. in New York, Twitter shares fell to $17.28, which is a 4.2 percent decline. Its share price fell by 40% the past year. This situation makes it hard for the social media giant to race along Google of Alphabet Inc. and Facebook Inc.
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