Twitter is currently dealing with a whole range of issues and has been dealt another blow with COO Adam Bain deciding to leave the business. Bain spent six years at the company.
He announced on Twitter:
“We took the company from $0 to billions faster than almost anyone’s ever done it. We diversified the business, took it global. I’m excited to take w me everything I’ve experienced at Twitter & do something totally different and new outside the company.”
The news follows a recent decision by Twitter to cut 9% of its workforce in light of weak profit results. Most of the jobs axed will affect those working in partnership, sales and marketing. It seems Bain isn’t the first executive to leave either. He follows VP of Global media Katie Jacobs Stanton and SVP Product Kevin Weil.
Part of the reason why Twitter is troubled is the social media’s stagnant user growth. By 2015, it had 320m active users. Compared to Facebook’s 1.79bn it looks weak.
Twitter user growth
Bain is a blow for the company’s advertising business as it seeks to bolster its product offering and roll out new features for brands and agencies. Prior to his promotion as COO, he spent five years building up Twitter’s global revenue and partnerships.
Though advertising is going well on Twitter, its growth rate is stagnating. Last year, total ad revenues worldwide came to $2.06bn and are forecast to reach $2.95 in 2016. Indeed growth change is going to drop from 61.8% last year to just 35% by 2017.
Twitter ad revenues
Anthony Noto has been announced to follow Bain as COO in addition to his role as CFO at Twitter.