Just weeks after reporting job cuts and a disappointing fiscal quarter, Twitter Inc on Wednesday announced that chief operating officer Adam Bain is leaving the company.
Twitter chief financial officer Anthony Noto would take over Bain’s job, serving in both posts until the board hires a new chief financial officer, the struggling social network said.
“Since joining Twitter in 2010, Adam has built an amazing team and a global business from the ground up,” Twitter cofounder and chief executive Jack Dorsey said in a statement. “I’m grateful to Adam for everything he’s done for Twitter, and for his leadership and friendship over the years.”
Noto, who became Twitter chief financial officer in July 2014, is to take over responsibility for revenue-generating operations along with partnerships. Bain is to remain for several weeks to help with the transition.
“I am honored by the trust that Jack has placed in me to take on this new role,” Noto said.
Twitter late last month reported a third-quarter net loss of US$103 million, compared with a US$132 million loss a year earlier. Revenues grew 8 percent year-on-year to US$616 million, most of that from advertising.
The key metric of monthly active users rose only modestly to 317 million from 313 million in the prior quarter — a growth pace that has prompted concerns over Twitter’s ability to keep up in the fast-moving world of social media.
The announced job cuts would amount to about 350 positions based on the Twitter Web site’s headcount of 3,860 employees worldwide.
The company suggested it could reach profitability for the first time next year.
However, analysts remain skeptical about Twitter’s outlook for expansion, expressing concerns about its ability to entice users beyond its core base.
Twitter shares on Wednesday were down more than 3 percent at US$18.54 in after-market trades.
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