Twitter to shut down Vine

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The social media company is slashing its workforce and killing the short-form video app.

Twitter, which today told shareholders that it is slashing its workforce by 9%, also revealed plans to shut down Vine.

In a post on Medium on Thursday, the company said it is shutting down the short-form video app in the coming months. The app, which allows users to record and share six-second video loops, was acquired by Twitter in October 2012, right before the app launched in early 2013.

Although the app will be discontinued, the company said it plans to keep the website so that users can still access and download their Vines. The app has 200 million monthly users.

"We value you, your Vines, and are going to do this the right way," said the company, in the post. "We think it’s important to still be able to watch all the incredible Vines that have been made. You will be notified before we make any changes to the app or website."

On Thursday morning, Twitter announced its third-quarter financial results. According to the New York Times, the company said that it would cut 350 jobs, about 9% of its workforce, mostly from its sales and marketing departments.

Despite the layoffs, the network’s user base has been on an upward trajectory. Twitter’s users grew to 317 million this year, 3% more than last year.

In the statement about the earnings, Twitter CEO Jack Dorsey said, "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." 

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