The company is meeting today in San Francisco to discuss potential turnaround plans, which include a possible sale.
Twitter is also reportedly considering shedding several of its assets to raise cash. From CNBC:
Options to save money include more layoffs, selling ad tech company MoPub, Fabric, or even Vine, the seven-second video sharing application. These would be stunning moves, since MoPub and Fabric are key initiatives for Twitter. MoPub is the mobile ad network it bought in 2013 for $350 million. Fabric is Twitter’s mobile development platform.
While Jack Dorsey’s leadership isn’t under question yet — he’s only been at the helm less than a year — he reportedly will need to produce positive results within the next few quarters or face expulsion himself.
Twitter has struggled in recent years amid tepid user growth and increased competition in the social media and mobile ad spaces. Younger startups like Snapchat, in contrast, are producing tools that draw in millions of new users per quarter. And of course, there’s the behemoth Facebook that continues to dominate social media, both on its namesake platform as well as Instagram.
Twitter shares fell $1.02 (-5.13%) to $18.85 in premarket trading Thursday. Heading into today’s board meeting, TWTR had lost 14.13% year-to-date, badly trailing the S&P 500’s 7% gain in the same period.