A Twitter logo and trading information are displayed as a trader works on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 3, 2022.
Brendan Mcdermid | Reuters
Twitter said Tuesday that the company “significantly slowed down hiring” in the second quarter.
The company revealed the hiring decline in its Q2 earnings submit with the Securities and Exchange Commission cited the need to manage its cost structure “based on the current macroeconomic environment.”
“We have significantly slowed hiring in the second quarter of 2022 and are being more selective about the positions we fill, and we have also seen attrition rates for employees,” the company said. we increase,” the company said. “We’ve also reduced non-labor spending in areas like tourism and marketing.”
In May, Twitter applied the recruitment frozen between the departures of consumer company head Kayvon Beykpour and head of revenue product Bruce Falck.
Twitter reported poor second-quarter financial results last week, falling short of top and bottom growth and user growth. Its sales fell 1% year-on-year to $1.18 billion, which the company attributed to the weak macroeconomic environment and related online advertising market.
Additionally, the company blamed the drop in its sales on “uncertainty related to an Elon Musk affiliate pending acquisition of Twitter.”
In October, Twitter is expected to face Musk in a Delaware court in an attempt enforce Tesla CEO’s offer to buy the company for $44 billion. Musk is trying to pull out of the deal alleging that Twitter misreported the number of accounts and automated spam bots on the service.