Twitter's Results Beat Expectations But the Company Is Laying Off 9% of Its Workforce

Twitter's Jack Dorsey says he has a plan for long term growth, but the company is laying off workers and still losing money.
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Twitter's (TWTR) - Get Report  earnings beat Wall Street expectations, but the company still posted a net loss on a GAAP accounting basis. Twitter also confirmed it is laying off 350 people, or 9 percent of its workforce, in a restructuring that will reorganize its sales and marketing efforts. Twitter also reported that it increased its average monthly active users to 317 million, up 4 million from the prior quarter. CEO Jack Dorsey said in a conference call "we have a clear plan" and "Twitter is positioned for long term growth."