With Twitter’s acquisition hopes essentially dead, the company now seems it’s on its own to fend for itself and needs to figure out a way to build a reasonable and profitable business. Thursday, it got a much-needed good Q3 performance by largely beating Wall Street’s expectations across the board. The company also confirmed it would lay off roughly 9 percent of its staff as it looks to restructure itself into a company that can continue to run on its own and keep Wall Street happy. (TechCrunch)
The social media company’s revenue rose 8.2 percent to $615.9 million, its smallest gain and ninth straight period of slowing growth. Analysts expected revenue of $606 million. Twitter recorded a loss of $102.9 million, or 15 cents per share. Excluding certain expenses such as stock-based compensation costs, Twitter posted a profit of 13 cents a share, compared with the average analyst estimate of 9 cents per share. (WSJ)
Slimming down its internal costs may help make Twitter a more attractive proposition for buyers. Over the past months a number of companies including Salesforce and Disney have reportedly explored the option of buying Twitter, but ultimately no bids were made. This is partly due to the company’s high price tag (estimated at around $20 billion), but also because of its reputation as a haven for trolls and abuse. (The Verge)