Shulou(Shulou.com)11/24 Report--

CTOnews.com, Aug. 20 (Xinhua)-- Twitter has warned its employees that they will probably only receive half of the year-end bonus because of the uncertainty caused by the economic downturn, according to the New York Times.

The New York Times pointed out that Twitter's current crisis includes uncertainty over the conflict between advertisers in Russia and Ukraine and a legal dispute with Elon Musk about abandoning the $44 billion acquisition. Two unnamed employees received an email Friday from chief financial officer Ned Siegel Ned Segal about bonus warnings.

While bonuses are likely to vary according to full-year earnings, the budget of the pool is now only half of what it had expected in January, Ned Segal said. In other words, even if Twitter meets its financial goals, employees may only get a 50% bonus. A Twitter spokesman confirmed the news but declined to comment further.

Twitter said in the earnings report that due to the macroeconomic environment, the headwind of the advertising industry and the great uncertainty brought about by Musk's acquisition, the second-quarter results were not satisfactory.

CTOnews.com reported that last month it reported quarterly earnings, and its revenue fell for the first time since 2020, turning from profit to loss.

Twitter's revenue in the second quarter was $1.18 billion, down 1 per cent from a year earlier, according to the results. The net loss was $270 million, compared with a net profit of $66 million in the same period last year.

Twitter said revenue had been affected by the adverse macro environment and the twists and turns in the Musk acquisition.

Twitter believes that Tesla CEO Elon Musk's so-called termination of the acquisition is invalid and wrong, and the merger agreement is still valid.

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