Twitter says it significantly slowed down hiring in Q2

The Twitter logo and trading information is displayed as a trader works on the floor of the New York Stock Exchange (NYSE) in New York, USA on May 3, 2022.

Brendan McDermid | Reuters

Twitter reported on Tuesday that the company “significantly slowed down recruiting” in the second quarter.

The company reported a hiring slowdown in its second-quarter earnings. registration with the Securities and Exchange Commission, citing the need to manage the cost structure “in light of the current macroeconomic environment.”

“We significantly slowed down hiring in the second quarter of 2022 and became more selective about filling positions, while at the same time we are seeing an increase in our layoff rate,” the company said. “We have also reduced non-labor costs in areas such as travel and marketing.”

In May, Twitter introduced a set to freeze against the backdrop of the departure of the company’s head of customer service Kayvon Bakpour and head of revenue Bruce Falk.

Last week, Twitter reported poor second-quarter financial results that didn’t take into account tops and bottoms, as well as user growth. Its sales were down 1% year-on-year to $1.18 billion, which the company attributed to the weak macro environment and related online advertising market.

In addition, the company blamed the decline in sales on “uncertainties surrounding the upcoming acquisition of Twitter affiliate Elon Musk.”

In October, Twitter is due to appear before Musk in a Delaware court to enforce the Tesla CEO’s $44 billion offer to acquire the company.