Twitter to slash more than 300 jobs as boss Jack Dorsey creates 'a more focused' business

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Twitter has confirmed that it will cut hundreds of jobs as part of new boss Jack Dorsey’s cost savings plan.

The social media firm said that 336 employees, or 8% of its workforce, will be made redundant, as part of an “overall plan to organize around the company’s top product priorities and drive efficiencies”.

It has already started notifying employees whose roles are at risk.

Dorsey, the company’s co-founder who was named its permanent boss just over a week ago, explained the widely expected move in an email to staff titled “A more focused Twitter”.

“The team has been working around the clock to produce streamlined roadmap for Twitter, Vine, and Periscope and they are shaping up to be strong.

“The roadmap is focused on the experiences which will have the greatest impact,” he wrote.

Dorsey, 38, who is starting his second stint as chief executive – he was ousted in 2008 after concerns were raised about a lack of focus – added that the product and engineering divisions will be hit the hardest by the downsizing.

“We feel strongly that Engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce.”

The restructuring comes at a critical time for the company, which under former boss Dick Costolo disappointed investors by missing revenue expectations and reporting slowing user growth.

Earlier this year its share price even dipped below $26 (£17) – the price at which it first listed on the New York Stock Exchange in 2013.

Twitter-shareprice.jpg

It said today it expects revenue and earnings for its third quarter to meet or exceed the upper end of previously forecast ranges of $545 million to $560 million and $110 million to $115 million, respectively.

The shares were back on positive footing on the back of the announcements, rising almost 5% to $30.16. 

The company will report its final results on October 27.

Source Article from http://www.standard.co.uk/business/twitter-to-slash-more-than-300-jobs-as-boss-jack-dorsey-creates-a-more-focused-business-a3089551.html

October 13, 2015 |
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