Twitter to layoff 8 percent of its global workforce, says CEO Jack Dorsey

Twitter has finally announced to cut eight percent of its global workforce – nearly 330 jobs – to strengthen the micro-blogging site that is facing slow user growth amid tough competition from the rival social media platforms.

In a letter sent to employees on Tuesday, Twitter CEO Jack Dorsey announced several moves including layoffs to get the once fast-growing social media service back on track, Wall Street Journal reported.

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

The job cuts would mostly affect its product and engineering teams in an effort to “organise around the company’s top product priorities and drive efficiencies”.

Over the past year, the company’s workforce grew 24 percent to 4,100 employees, about half of whom are engineers.

However, Twitter’s monthly user growth climbed just 2.6 percent to 316 million in the quarter ending June 30.

In the same time, Facebook has more than doubled the strength of employees but nearly five times as many active users.

Twitter also announced that it expects revenue and a measure of its adjusted earnings to come in above the high end of its previously forecast range for the third quarter.

In his letter, Dorsey said the coming roadmap will entail “a plan to change how we work, and what we need to do that work”.

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Twitter names Jack Dorsey as permanent CEO

Twitter has finally named Jack Dorsey as its PERMANENT CEO (Again!) in hopes that its once-spurned co-founder can hatch a plan to expand the short messaging service’s audience and end nearly a decade of financial losses.So, Jack will finally drop his "INTERIM CEO" title and become the permanent chief executive of Twitter.

The hiring ends Twitter’s three-month search for a new leader. It marks Dorsey’s second stint as CEO since he helped start the San Francisco company more than nine years ago.

Twitter dumped Dorsey his first time around, but its board of directors appears convinced that he has the maturity to fix the problems that has caused the company’s stock to lose nearly half its value in the past five months. Dorsey will step down as chairman from the company, but he will continue as CEO of Square, a company he co-founded in 2009.

This is Dorsey’s second run at being CEO. He made the announcement via Twitter of course.

I've been CEO of both companies for over 3 months now. I have the smartest, strongest, and most determined leaders in the world on my teams.

— Jack (@jack) October 5, 2015

According to some reports, in the documents filed with the SEC, the company says that Dorsey won’t receive any direct compensation for being the CEO of Twitter and that there are no plans to provide
any. This may be due to the reason that Dorsey isn’t only the founder, but one of the largest stockholders in the company as well.

In addition to the new role, Adam Bain is becoming COO. Bain used to handle Revenue & Partnerships at Twitter. Dorsey also announced that a new board is in the works.

According to another report, some investors said Dorsey was a more effective leader now than in 2008, when the co-founder was fired from his first stint as Twitter CEO. Press reports suggested Dorsey’s attention was on other projects, and he struggled to manage frequent outages during a period of exploding growth.

Twitter’s last CEO, Dick Costolo, announced his decision to step down in June, under mounting concerns about the company’s slow user growth and seeming inability to attract advertisers at the same rate as competitors.

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