NEW YORK (TheStreet) -- Shares of Twitter (TWTR) - Get Report were advancing in early-afternoon trading on Thursday as the social media company announced today that it will discontinue its video-sharing service Vine in the coming months.
The company said in a statement that it's keeping the website up to allow users to access and download any Vines, adding that it will notify users before any changes are made to the app or website.
Twitter acquired the video-sharing service in 2012 and launched it in 2013.
Additionally, Twitter announced in its 2016 third-quarter earnings today that it would be cutting 9% of its workforce as part of a broad restructuring plan.
Separately, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The team rates Twitter as a Hold with a ratings score of C-. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, robust revenue growth and good cash flow from operations. However, as a counter to these strengths, the team finds that the stock has had a generally disappointing performance in the past year.
You can view the full analysis from the report here: TWTR