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Twitter Announces Nine Per Cent Job Cuts, Losses of $103m

Alex Spencer

Twitter logo IRL office HQTwitter has announced a major restructuring of its business, which will see a headcount reduction of around nine per cent globally, as it posts its Q3 2016 financial results.

The restructure “focuses primarily on reorganizing the company’s sales, partnerships, and marketing efforts”, according to the company's letter to shareholders. It's all part of a plan to “create greater focus and efficiency” as the company works towards the goal of turning its first-ever profit in 2017.

The company reported net losses of $103m (£84m) for Q3, compared to losses of $132m a year earlier.

Revenues grew 8.2 per cent year-on-year, to $616m, of which $545m came from advertising, and $490m from mobile specifically.

The majority of Twitter's growth came from outside of the US, where revenues grew by just one per cent year-on-year to $374m. International revenues grew 21 per cent, but continue to be the minority share at $242m.