Twitter for the past eight quarters that is for the consecutive four years is struggling with losses. Despite the efforts by the CEO and co-founder of Twitter, Jack Dorsey is unable to streamline the company financial track into profits.
Dorsey has already announced the company for Sale. But that too did not world positively for the company’s economic growth. To minimize the losses now, the company is planning to cut the employees working inside. It is reported that at least an 8% job cut is expected. Otherwise, minimum 300 employees will be terminated from the services.
However, putting an end to the speculations, the company officials has stated that any announcement as such will be announced before the opening of Stock markets. This is also the time of declaring the financial quarter results.
Though the Twitter has around 300 million active users globally, still it lacks the economic growth. All the efforts made to make it flourish had been a big failure. The selling bid amount is also not so attractive for the buyers. This is the main reason as for why the giant tech companies like Alphabet, Salesforce and Disney have taken a back-step.
On the other side, the company’s continuous efforts to bring the graph upwards are a bit failure. Many Live streaming agreements have been signed by the firm in this regard. Big events like US presidential candidates election debate has been live streamed. Apart from this, other big events like National Football League, Major League Baseball, National Hockey League and National Basketball Association Live streaming could not bring back the lost glory for Twitter.
The highest downfall in the shares is recorded as 22% by Twitter to date. Hopefully, things settle down soon. As of now, there seems to be no other option for the company other than to sack the maximum possible number of employees.