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Business

Shrinking Twittersphere: Vine dead, heads will roll

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Opening sequence

Business

Shrinking Twittersphere: Vine dead, heads will roll

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COMING UP:Shrinking Twittersphere: Vine dead, heads will roll

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00:00:01
>> Heads rolling at Twitter. The company announcing Thursday it will slash 9% of its global workforce, a move it says will help it finally turn a profit next year. But Reuters Breakingviews media columnist Jennifer Saba isn't buying it.>> Here's the crazy thing about these cuts. It's going to affect mostly the sales and marketing staffs.
00:00:20
The exact people that you probably wanna keep around if you're trying to increase your ad sales. They're sitting there trying to decide whether they will be profitable next year, there's no way with that revenue decline.>> Revenue growth sliding to single digits in the quarter. It was 58% this time last year.
00:00:37
Twitter also shutting its video app, Vine. Users mourning its death by sharing their favorite clips on social media. That as its all important monthly active user base, fairly stagnant for at least six quarters, showed tepid improvement, users up 3% from last quarter to 317 million. Still just a slow crawl compared to nimble competitors Snapchat and Instagram.
00:01:02
And a far cry from Facebook's more than 1 billion users. So who should really lose his job?>> Jack Dorsey just needs to go. I mean, a year ago, he came onboard to step back in the role as CEO. He's been moonlighting as the chief executive of Square, and the experiment is just clearly not working.
00:01:21
Twitter is deteriorating and he needs to step aside.>> The struggling business has been looking for a buyer, but so far coming up short with Salesforce, Google and Disney all backing away.