On Thursday, Twitter announced that it was shutting down its six-second video loop platform and mobile app.
As rumored earlier this week, Twitter also cut 9 percent of its workforce (roughly 350 employees). The moves are meant to “redirect its focus from driving growth to delivering profits,” The Wall Street Journal reported.
The announcement came in light of Twitter’s report of revenue rising only 8.2 percent, a steep decline from more than 50 percent growth during the same quarter last year.
Twitter and Vine broke the news in a Medium post:
Since 2013, millions of people have turned to Vine to laugh at loops and see creativity unfold. Today, we are sharing the news that in the coming months we’ll be discontinuing the mobile app.