The company posted a quarterly revenue of $616 million, up 8% year-over-year. It also had more average monthly active users at 317 million for the quarter, up 3% year-over-year and compared to 313 million in the previous quarter.

Its average daily active usage figure is also up, and so is its advertising revenue, data licensing and other revenue. On the downside, the company is restructuring and reducing around 9% of its global workforce. 

“The restructuring, which focuses primarily on reorganising the company’s sales, partnerships, and marketing efforts, is intended to create greater focus and efficiency to enable Twitter’s goal of driving toward GAAP profitability in 2017,” it stated in a press release.

“Our strategy is directly driving growth in audience and engagement, with an acceleration in year-over-year growth for daily active usage, Tweet impressions, and time spent for the second consecutive quarter,” says Jack Dorsey, Twitter’s CEO. 

“We see a significant opportunity to increase growth as we continue to improve the core service. We have a clear plan, and we’re making the necessary changes to ensure Twitter is positioned for long-term growth. The key drivers of future revenue growth are trending positive, and we remain confident in Twitter’s future.”

The company will also become “more disciplined” about how it invests in the business. Anthony Noto, Twitter’s CFO, says the company will de-prioritise certain initiatives and invest in additional areas over time. 

He reported Twitter’s live strategy is also progressing, showing strong audience and engagement results. It’s not been an easy year for the company as anonymous sources reportedly indicated that the company was looking to sell itself to one of a handful of interested parties. 

Writing on Vine’s Medium blog, Team Vine and Twitter explained the social video sharing app will not disappear straight away. Users will be able to access and download their Vines before the app is discontinued. 

The Vine website will keep going, allowing people “to watch all the incredible Vines that have been made”. The team also thanked its users: “Thank you. Thank you. To all the creators out there— thank you for taking a chance on this app back in the day. To the many team members over the years who made this what it was — thank you for your contributions”.

*Image courtesy of Esther Vargas under this license