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 City, U.S., May 3, 2022.
Brendan Mcdermid | Reuters
Twitter said on Tuesday that the company “significantly slowed hiring” in the second quarter.
The company disclosed the hiring slowdown in its Q2 quarterly earnings filing with the Securities and Exchange Commission that cited a need to manage its cost structure “in light of the current macroeconomic environment.”
“We significantly slowed hiring in the second quarter of 2022 and are being more selective about the roles that we are filling, and we have simultaneously seen our attrition rate increase,” the company said. “We have also reduced non-labor spend in areas such as travel and marketing.”
In May, Twitter imposed a hiring freeze amid the departures of the company’s head of consumer Kayvon Beykpour and revenue product chief Bruce Falck.
Twitter reported poor second-quarter financial results last week that missed on the top and bottom and user growth. Its sales declined 1% year-over-year to $1.18 billion, which the company attributed to a weak macroeconomic environment and related online advertising market.
Additionally, the company blamed its sales decline to “uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.”
In October, Twitter is slated to face Musk in Delaware court in a bid to enforce the Tesla CEO’s offer to buy the company for $44 billion. Musk is trying to withdraw from the deal, alleging that Twitter has misreported the number of automated spam accounts and bots on the service.
