Twitter is cutting 9% of its workforce – about 350 jobs – after reporting a sharp slowdown in revenue growth.
In the three months to September, revenues rose 8% to $616m. That was better than forecast, but lower than the 20% rise in the previous quarter.
The number of average monthly active users rose 3% to 317 million.
Last month, Twitter hired bankers ahead of a possible sale, but bids from potential suitors such as Google and Salesforce failed to materialise.
Shares in Twitter fell 7% earlier this month after Salesforce – considered to be the most likely bidder – said it had walked away from talks.
Jack Dorsey, chief executive, said he saw a “significant opportunity to increase growth” as the company improved the platform.
A few days before Twitter’s Sept. 8 board meeting, as the company’s finance team readied a presentation, it received conflicting directions on a crucial question. Should their slides reflect Twitter’s prospects as an independent company or delve into the benefits of getting acquired?
Jack Dorsey, Twitter’s chief executive officer, argued that the 10-year-old company should remain on its current course and work to capitalize on recent product improvements and success in streaming live video, people familiar with the discussions said. Ev Williams, a former CEO who has a history of clashing with Dorsey, was in favor of exploring a sale. Other directors agreed they had a fiduciary duty to consider that option. The board ultimately decided to consider takeover prospects after getting an expression of interest from a potential acquirer, which led it to hire Goldman Sachs and Allen & Co. to evaluate possible bids.
Twitter is offering some of its most influential users a cut of the money it makes off of their posts in a push to populate the platform with more in-house video.
Starting Tuesday, publishers and other high-profile accounts will be able to mark a box on each video tweet they send indicating that they’d like to tack on a pre-roll promotion, the social network announced. Twitter will then share with them a portion of the revenue it collects on those ads.
The deal will give users the lion’s share of the revenue — 70 percent — while Twitter takes 30 percent for itself, a person familiar with the arrangement said.
ANOTHER WEEK, ANOTHER eruption of abuse on Twitter. This time, it was Breitbart writer and self-anointed “supervillain of the Internet” Milo Yiannopoulos, whom the company finally banned after he stoked his followers into flooding Ghostbusters actress Leslie Jones with hateful and racist messages. Yiannopoulos went so far as to tweet out fake screenshots of things Jones supposedly but did not actually say on Twitter. In the end, Jones said she would leave Twitter altogether.
Twitter CEO Jack Dorsey was apparently aware of the situation, tweeting at Jones as early as Monday evening. But Twitter still took another day to finally kick Yiannopolous off the platform after facing considerable public pressure. On Thursday afternoon, Jones posted a short tweet saying she was grateful for the public’s support. “People should be able to express diverse opinions and beliefs on Twitter,” Twitter said in a statement addressing the incident. “But no one deserves to be subjected to targeted abuse online, and our rules prohibit inciting or engaging in the targeted abuse or harassment of others.”
First off, I love this kind of story.
Let’s go back in time to 2009. Brian Acton was an accomplished programmer who’d checked the box with stints at both Apple and Yahoo.
Now he was looking for work–and he was coming up short. His Twitter feed tells the tale.
Acton had been the 44th employee at Yahoo, but he’d lost millions of his dot-com fortune when the bubble burst in 2000. Despite the bright-sided nature of his Tweets, the 37-year-old didn’t know what was next.
He toyed with a startup idea, but it wasn’t going anywhere. And as Marc Cenedella–founder of The Ladders, and more recently, Knowzen–wrote on Medium a few days ago, Acton…
Too many businesses make the mistake of ignoring Twitter. There are some people who look at it, but don’t understand it, and there are massive numbers of dormant accounts.
The point isn’t that everyone is on Twitter; the key is understanding what you can do with it and why you need to be there.
Twitter is still the most efficient network for reaching out to busy people who have gatekeepers on their phones and email, but you need to be careful on Twitter to make sure you are getting the most out of it and don’t end up “ghost banned,” also known as “shadow banned.” (More on that near the end of this post.)