Beleaguered Twitter axes 9% of workforce, kills Vine video app

“Twitter Inc. posted another quarter of slowing revenue growth Thursday and said it would slash 9% of its global workforce, in its first report since recent takeover interest from potential suitors including Salesforce.com Inc. dissipated,” Deepa Seetharaman reports for MarketWatch.

“The social-media company’s revenue rose 8.2% to $569.2 million, its smallest gain and ninth straight period of declining growth,” Seetharaman reports. “Analysts expected revenue of $606 million.”

“Twitter recorded a loss of $102.9 million, or 15 cents per share. Excluding certain expenses such as stock-based compensation costs, Twitter posted a profit of 13 cents a share, compared with the average analyst estimate of 9 cents per share,” Seetharaman reports. “Twitter’s monthly active users totaled 317 million in the third quarter, up just 1.7% from the second quarter.”

Read more in the full article here.

“Twitter is pulling the plug on its six-second video platform Vine,” Eli Blumenthal reports of USA Today. “As struggles continue to grow for the popular but flailing social network, the company announced Thursday afternoon that the video service would be shut down ‘in the coming months.'”

“No exact timeline was given for when the service would end, though Twitter will be keeping the site and its content online ‘because we think it’s important to still be able to watch all the incredible Vines that have been made,'” Blumenthal reports. “Rus Yusupov, founder of Vine, expressed his thoughts on Twitter with four words: ‘Don’t sell your company!'”

Blumenthal reports, “Yusupov sold Vine to Twitter for a reported $30 million in October 2012 before the service had even launched to the public.”

Read more in the full article here.

MacDailyNews Take: Must have been a fun day for the Twitter folks presenting at Apple’s special event today.

Good luck to all those affected.

Vine, we hardly knew ya.

SEE ALSO:
Twitter shares tumble as last suitor Salesforce rules out bid – October 14, 2016
Twitter suspends 235,000 more accounts over extremism – August 18, 2016
Former Apple PR exec Natalie Kerris leaves Twitter after only six months – August 2, 2016

12 Comments

  1. Apple ties it’s horse to both Twitter and the NFL during their AppleTV demonstration. Both of which are downtrending.

    If the Apple TV had an app for every channel and Netflix, their new TV app looks nice. But it doesn’t. So I am still switching between devices.

  2. Netflix, Twitter, and the content companies are money pits, Apple biggest crime in recent times is trying to design hardware for them, see Sony before and after content wrecked them it doesn’t work.

  3. Banning Milo sent all the wrong kinds of signals. Now, instead of posting spontaneous, quick reaction, what’s happening, what’s-on-your-mind-type posts, people stop, hesitate, search for the words that won’t offend anyone and maybe get them suspended or banned. The spontaneity is lost. The creativity is lost. Therefore, Twitter’s raison d’etre is also lost. Lesson reinforced: Liberalism destroys everything it is allowed to touch.

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