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Struggling Twitter to rent out office space at its headquarters in San Francisco

India TV Tech Desk New York August 09, 2016 17:33 IST
India TV Tech Desk

Twitter, one of the most popular micro-blogging online platforms, seems to be passing through a challenging financial phase in its journey.

Reports emanating from its headquarters in San Francisco suggest that Twitter is looking to rent space at its headquarters to other companies.

According to sfgate.com, Twitter has contacted San Francisco brokerage firm Cresa to market 183,642 square feet of "fully furnished" office space at its two buildings in Market Square.

"We're always looking at ways to use our office spaces more efficiently and effectively. We remain committed to our home in San Francisco's Mid-Market area," a Twitter spokesperson was quoted as saying.

Earlier this year, Twitter was considering renting out a partial floor of its Market Street headquarters to financial technology firm Affirm but the deal fell apart.

According to reports, Twitter is also seeking to rent out 24,000 square feet in its Manhattan office.

Earlier this month, there were rumours saying that former Microsoft chief executive Steve Ballmer was buying the micro-blogging website.
There were multiple reports, saying that Ballmer and Saudi Arabia's Prince Al-Waleed bin Talal were getting ready with a bid to buy Twitter.

Twitter was yet to respond to the rumour.

Earlier, although it added three million users -- one million more that what analysts had expected -- the not-so-promising second quarter earnings results led to the shares of micro-blogging website Twitter tumbling.

The company posted quarterly revenue of $602 million, up 20 per cent year-over-year and reported $107 million GAAP net loss ($0.15 per share) with quarterly non-GAAP net income of $93 million ($0.13 per share).

A year ago, the year-over-year growth was 61 per cent and two years back, it was a whopping 124 per cent.

The average monthly active users (MAUs) were 313 million for the quarter, up only 3 per cent compared to 310 million in the previous quarter.

The micro-blogging website is now looking at the video and news streaming space to revive its fortunes.

(With IANS inputs)