Twitter cuts 9 percent of its workforce worldwide
NEW YORK - Twitter, seemingly unable to find a buyer and losing money, is cutting about 9 percent of its employees worldwide.
Twitter Inc., which has struggled amid competition from the likes of Facebook, Snapchat and Instagram, said Thursday that it expects to book about $10 million to $20 million in workforce restructuring charges.
Since the end of 2014, Twitter has picked up just 15 million monthly users to expand its audience to 313 million people through June. During the same stretch, Facebook gained 319 million users to reach 1.7 billion people.
Twitter is placing a big bet on live video, and wants to be the go-to place to share opinions in real time.
According to the company, it has about 3,860 workers.