Twitter announces layoffs affecting 10% of its workforce

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Delhi, 27th February 2023: Twitter has announced that it will be laying off 10% of its current workforce as part of a restructuring effort aimed at improving profitability and growth prospects. The layoffs will affect around 300 employees globally.

In a statement, Twitter’s CEO Jack Dorsey said that the decision to lay off employees was necessary to ensure the company’s long-term success. He expressed gratitude to the affected employees for their contributions to the company.

This announcement comes after Twitter reported disappointing earnings for the third quarter of 2021, with revenue falling short of analysts’ expectations and user growth slowing down. The social media platform has been struggling to compete with larger platforms like Facebook and Instagram, which have been steadily growing their user bases and advertising revenues. Twitter has also faced criticism for its handling of misinformation and hate speech on its platform.

Despite these challenges, Twitter remains a popular platform for news and information sharing, and it continues to be a key player in the social media landscape. The company has pledged to invest in new features and technologies to improve its platform and attract more users.