The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Information / Communication Information Service Activities Information Service Activities 63 - Information service activities
350 jobs Number of planned job losses
Announcement Date
27 October 2016
Employment effect (start)
1 November 2016
Foreseen end date
30 June 2017
Description
The social network company Twitter has announced a restructuring that will lead to cut about 9% of its global workforce, as it tries to revamp the company and become profitable. As Twitter employs about 3,860 people worldwide. After the failure of the takeover discussions with Salesforce.com, Twitter has launched a reorganisation plan with layoff and divestitures. Twitter is also beginning to pare back businesses it no longer views as central. In 2015, the company has already announced to cut about 336 positions (8% of its global workforce), a week after the co-founder Jack Dorsey became the CEO of the company. Twitter has also announced an increase of its turnover of 8% from $605.8 million to $616 million(€546 million to €555.4 million), and a slowing growth of 20% for the third Quarter 2016 against a growth of 58% for the third Quarter 2015. The company however, reduced its loss from $102.9 million (€92.78 million) during the third Quarter 2016 against $131.7 million(€118.5 million) for the third Quarter 2015.
Sources
27 October 2016: Les Echos
24 October 2016: Bloomberg
Citation
Eurofound (2016), Twitter, Internal restructuring in World, factsheet number 89018, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/89018.
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