Twitter to rent out space at its headquarters

Micro-blogging website Twitter is renting space at headquarters in San Francisco to other companies. The company has contacted a brokerage firm in San Francisco to market 183,642 square feet “fully furnished” office space at its two buildings in the market square.

“We’re always looking at ways to use our office spaces more efficiently and effectively. We remain committed to our home in San Francisco’s Mid-Market area,” a Twitter spokesperson was quoted as saying. Twitter considered renting a partial floor of its Market Street headquarters to financial technology firm, but the deal didn’t work out. Reports say that the company is also claiming to rent out 24,000 square feet in its Manhattan office.

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A buzz is that former Microsoft chief executive Steve Ballmer is buying the micro-blogging website earlier this month. Many rumours were saying that Ballmer is partnering with Saudi Arabia Prince Al-Waleed bin Talal to buy Twitter. However, Twitter remained silent and hadn’t responded to the rumours.

In spite of having 3 million users, analysts expected a million more. Second quarter’s earnings of the website were not-so-promising and led the shares tumbling. The company’s quarterly revenue of $602 million, 20 percent up over year-over-year reached $107 million GAAP net ($0.15 per share) with quarterly non-GAAP net income of $93 million ($0.13 per share). Year-over-year growth was 61 percent last year, and it was whopping 124 percent two years back.

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Monthly active users were 313 million on average for the quarter, up only 3 percent when compared to the previous quarter of 310 million. Twitter is now focusing on the video and news streaming space to revive its fortunes.


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