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Twitter Tops Profit and Sales Expectations but Takes Axe to Workforce

Twitter (TWTR) beat analyst estimates for third-quarter sales and earnings on Thursday, sending the stock soaring more than 4% higher in premarket trading.

The social media company, which has attracted takeover interest, announced quarterly sales of $616 million, a 2% beat against the consensus for $604 million, and above the top end of management guidance for sales of $610 million.

Twitter posted a GAAP net loss of 15 cents a share, against expectations for a loss of 18...