Just weeks after reporting job cuts and a disappointing fiscal quarter, Twitter announced Wednesday that chief operating officer Adam Bain is leaving the company. Twitter chief financial officer Anthony Noto will take over Bain's job, serving in both posts until the board hires a new chief financial officer, the struggling social network said. Noto, who became Twitter CFO in July 2014, will take over responsibility for revenue-generating operations along with partnerships. Bain was to remain for several weeks to help with the transition.
Twitter late last month reported a net loss for the third quarter ended Sept. 30 of $103 million, compared with a $132 million loss a year earlier. Revenues meanwhile grew 8 percent year-over-year to $616 million, most of that from advertising. The key metric of monthly active users rose only modestly to 317 million from 313 million in the prior quarter - a growth pace that has prompted concerns over Twitter's ability to keep up in the fast-moving world of social media.The announced job cuts would amount to about 350 positions based on the Twitter website's headcount of 3,860 employees worldwide. The company suggested it could reach profitability for the first time in 2017.
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