Twitter generated revenue of $616 million and grew users to 317 million, beating out expectations of $606 million and 315 users. As a result, Twitter shares are up 1%.
After not being acquired by potential suitors like Salesforce last month, this quarter was a crucial one for Jack Dorsey and co. with Wall Street eyes all over them. To continue this upward trend, though, Twitter confirmed it is laying off 9% of its workforce, primarily in sales and marketing.
While sales and users are both up, their rates of growth are slower than similar companies. Global user growth was just 4% over the past year. And overall, the stock is decidedly down this year.
We know Dorsey doesn’t want to sell—and this positive quarter will help keep his argument afloat—but stay tuned to Twitter because at some point, something has to give.