Twitter to cut 9pc staff, eyes new strategy

NEW YORK: Twitter announced plans Thursday to cut nine per cent of its workforce as the struggling social network reaffirmed its strategy to drive growth after failing to find a buyer.

“We see a significant opportunity to increase growth as we continue to improve the core service,” chief executive Jack Dorsey said while releasing quarterly results showing more losses.

“We have a clear plan, and we’re making the necessary changes to ensure Twitter is positioned for long-term growth.” Twitter reported a net loss for the quarter of $103 million, compared with a $132m loss a year earlier. Revenues meanwhile grew 8pc to $616m, most of that from advertising.—AFP

Qualcomm bags NXP in $47bn megadeal

THE HAGUE: US semiconductor maker Qualcomm said on Thursday it will buy Dutch rival NXP in a $47-billion megadeal to extend its footprint into the internet of things and the automobile sector.

In the biggest ever deal in the semiconductor market, the agreement will boost the US company amid falling mobile phone sales and stiff market competition.

According to the unanimous agreement published Thursday, Qualcomm will offer NXP a $110 per share cash deal, 11.5 per cent above Wednesday’s market close, the US company said in a statement.

That would value the company, based in the Netherlands but quoted on the New York Nasdaq index, at $47bn (43bn euros).—AFP

Nestle spreads nutritional awareness

LAHORE: The annual Nestlé Healthy Kids (NHK) Day was celebrated on Wednesday. The programme is a global initiative by Nestlé to introduce healthy lifestyle lessons to children from 6 to 16 years of age. The programme has reached out to more than 100,000 children in Pakistan and trained 427 teachers since its launch in 2010, said a press release.

Published in Dawn, October 28th, 2016