Media company Twitter intends to spend mass reductions

NEW YORK, October 10. /Corr. Ivan Sawyers/. American company Twitter is planning to hold next week’s mass layoffs of employees. This was reported in the Friday information portal Re/code.

According to his sources, the reduction will affect all or nearly all divisions of the company. The exact number of those who will lose their jobs, is not disclosed yet, for the most part, it is about technical expertise. The main purpose of the dismissals is to ensure that Twitter could work as effectively, but at a lower cost.

Company officials refused to confirm the information contained in the publication Re/code. “We do not provide comment on rumour and speculation,” – said in Twitter. According to official data, the company employs about 4.1 thousand people, it has 35 missions in different countries.

Corporate reporting, presented by Twitter in July of this year, showed that the increase in the number of users of the social network in the previous months slowed to the lowest level since November 2013, when it placed its shares on the stock exchange in new York. For the current year the company’s stock price fell by about 14%.

Social network Twitter was created in 2006. It unites more than 500 million users worldwide, about 300 million of which are active, and is among most visited resources in the Internet. The company’s revenue in 2014 amounted to $1.4 billion when the loss of $577 million.

Twitter has become a third world social network to list its shares on the stock exchange. First there was LinkedIn, the securities of which are traded on the new York stock exchange since may 2011. Initial public offer of shares went for $45 per share, but already in the first trading day price growth reached 171%.

The second world social network that have placed their shares on the stock exchange, became Facebook. She has conducted the primary placement of securities on the NASDAQ may 18, 2012. Initially, the price range was in the range of $28 to 35 per share, but then it was changed to $34-38. As a result, the company has offered its securities for $38, you get a score at $104 billion.