Twitter announced plans Thursday to cut nine percent of its workforce as the struggling social network reaffirmed its strategy to drive growth after failing to find a buyer.
“We see a significant opportunity to increase growth as we continue to improve the core service,” chief executive Jack Dorsey said while releasing quarterly results showing more losses.
“We have a clear plan, and we’re making the necessary changes to ensure Twitter is positioned for long-term growth.”
Twitter reported a net loss for the quarter of $103 million, compared with a $132 million loss a year earlier. Revenues meanwhile grew eight percent to $616 million, most of that from advertising.