Twitter Inc Layoffs: TWTR Expected to Announce Hundreds of Job Cuts

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Twitter Inc (NYSE:TWTR) is laying off a chunk of its workers as it looks to cut costs.

Twitter LayoffsThe social media site announced that it eliminating a large portion of its sales staff, amounting to about 8% of its total workforce. This will total about 300 workers.

The reason why Twitter is cutting jobs is not entirely clear, but it could be related to the network’s recent revenue shortcomings. TWTR stock is a disaster because it doesn’t make any money.

The company’s failures could be related to the fact that it has not figured out how to monetize its user base effectively, unlike its competitors.

Twitter is still looking for a suit to acquire the company and help to turn things around, but many of the large players who were considering acquiring the company have bowed out recently.

The site has also received flak for censoring a number of high-profile conservative accounts. Although it has a right to do this, the move goes against the nation’s desire for free speech.

Twitter has been looking to turn things around with its new live-streaming service, which it will use to stream professional football, basketball and hockey games.

However, the website’s popularity is not reaching the heights it promised it would as it has slowed down significantly since reaching 300 million active users. The prospect of reaching 1 billion users seem farther than ever now.

TWTR shares surged 4% Tuesday.

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Article printed from InvestorPlace Media, https://investorplace.com/2016/10/twitter-layoffs-twtr-2/.

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