Twitter’s massive job cuts continued this weekend, as the company cut about 10% of its remaining staff, according to a report in the New York Times.
The latest axing of about 200 jobs takes the company’s headcount down to under 2,000 staffers, according to the Times. That’s down from the 7,500 who worked for the social media platform before Elon Musk bought the company last fall for $44 billion.
The paper reported that the cuts hit product managers, data scientists and engineers who worked on machine learning and site reliability, which, it said, helps keep Twitter’s various features online. The “monetization infrastructure team,” which maintains the services through which Twitter makes money, was reduced to fewer than eight people from 30, according to the report.
Twitter did not respond to a request for comment from CNN on the Times report.
Twitter has been losing advertisers since Musk took over. Ad revenue had been responsible for more than 90% of company revenue. Musk’s plans to raise revenue directly from Twitter users by selling verification of accounts has thus far not worked as planned.
Telecom giant to cut 8,500 jobs
Telecom company Ericsson is planning to cut 8,500 jobs around the world in a bid to slash costs.
The company — one of the world’s biggest providers of 5G mobile networks — has announced a drive to cut costs by 9 billion crowns ($859 million) by the end of this year.
Among other measures, the plan will “also result in a need to address headcount,” an Ericsson spokesperson told CNN Friday.
“We believe a total of 8,500 positions will be affected,” the spokesperson said, noting that the bulk of the layoffs would be made in the first half of this year. “The way headcount reductions will be managed will differ depending on local country practice.”
On Monday, Ericsson said it would cut about 1,400 jobs in Sweden. Those cuts are part of the 8,500 total, the spokesperson said Friday.
Ericsson is the latest company to announce thousands of layoffs in recent weeks. Big Tech has been hit especially hard after going on a hiring spree during the pandemic. Media companies have also been shedding staff as online advertising slumps.
Last month, Ericsson reported lower than expected fourth-quarter core earnings as 5G equipment sales slowed in markets such as the United States, Reuters reported.
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