Twitter Inc’s quarterly revenue growth slowed sharply in the third quarter but topped analysts’ expectations, and the company said it would cut 9 percent of its global workforce.
The social network has been struggling to sign up new users amid competition from nimbler rivals such as Instagram and Snapchat. Twitter‘s shares rose nearly 4 percent to $17.97 in premarket trading on Thursday.
Revenue rose about 8 percent to $616 million, above the average analyst estimate of $605.8 million. The company reported a 20 percent rise in revenue in the previous quarter and 58 percent last year. Excluding items, the company earned 13 cents per share, beating the average analyst estimate of 9 cents, according to Thomson Reuters I/B/E/S.
