Twitter said it is laying off 9% of its global employees to recover from the slowing progress and sluggish growth. Twitter informed that its number of active users has increased by 3% from 313 million in 2nd quarter to 317 million in 3rd quarter.
Twitter is facing stiff competition from services like Snapchat or Instragram to get new users on this site. Revenue of the company has risen by 8 % to $616 million from $610 million.
Twitter, had hired bankers in the last month this year to put acquisition offers but major organizations did not show any interest in it. Titter posted a profit of 20% in the earlier quarter.