July 28, 2022: -On Tuesday, Twitter noted that the company “significantly slowed hiring” in the second quarter.
The company is disclosing the hiring slowdown in its second-quarter earnings filing with the Securities and Exchange Commission, which cited a need to manage its cost structure “in light of the current macroeconomic environment.”
“We significantly have decreased hiring in the second quarter of this year and are being more selective regarding the roles that we are filling, and we have seen our attrition rate increase,” the company said.
“We have also reduced non-labor spending in travel and marketing areas.”
In May, Twitter charged a hiring freeze amid the departures of the company’s head of consumer, Kayvon Beykpour, and revenue product chief Bruce Falck.
In the previous week, Twitter said poor second-quarter economic results that missed the top and bottom lines and user growth. Its sales plunged 1% yearly to $1.18 billion, which the company attributed to a weak macroeconomic environment and the related online advertising market.
In addition, the company accused its sales decline of “uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.”
In October, Twitter is slated to face Musk in a Delaware court to implement the Tesla CEO’s $44 billion proposal to acquire the company.