Twitter to cut staff and end Vine

Last week Twitter (TWTR) announced that it would cut its staff by 9%, which would affect around 350 of its employees. Efforts to attract buyers have not been successful and companies that initially indicated interest, such as Disney (DIS), Google(GOOGL) and Salesforce  (CMR), backed off in the end. Last week Thursday, the company announced that it would terminate its Vine app whose popularity has waned in favor of Periscope, Twitter's live-streaming app. However the website will still remain online and showcase videos that have already been created. Since Jack Dorsey took over as Twitter's CEO in 2015, the company has cut staff by 8% and focused its attention to promote live streaming and finding relevant tweets more easier for users. The number of active accounts in September numbered around 317 million up from 313 million in the second quarter, however growth still remains stagnant in comparison to Instagram and Snapchat.

 

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