Twitter Inc. (TWTR) said it won’t reopen most of its office before September, while also deciding to let employees who have been working remotely to do so indefinitely.
“With very few exceptions, offices won’t open before September,” Twitter said in a statement. “When we do decide to open offices, it also won’t be a snap back to the way it was before.”
The social media giant announced that there will also be no business travel before September, with very few exceptions, and no in-person company events for the rest of 2020.
The San Francisco-based company said that it was one of the first companies to adopt a work-from-home model in the face of the coronavirus outbreak, and that it doesn’t anticipate being one of the first to return to offices.
Once Twitter goes back to work at its offices, employees can decide for themselves if they want to return to come to the office and those who can work remotely can continue to do so indefinitely should they wish to.
“The past few months have proven we can make that work”, the company said.
The move comes after Alphabet Inc.’s Google (GOOGL) last week said that it will let employees take off the day on May 22 to address work-from-home related burnout during the coronavirus pandemic, Reuters reported. The company expects to begin reopening more offices globally as early as June, but most Google employees will likely work from home until the end of this year. Similarly, Facebook Inc. (FB) said on Friday that it will let workers who can work remotely to do so until the end of 2020.
Shares in Twitter have soared 33% in the past two months and were trading at $29.15 in early morning U.S. trading.
Turning now to Wall Street, analysts are sidelined on Twitter’s stock with a Hold consensus based on 21 Holds, 6 Buys and 3 Sells. The $30.33 average price target projects 4.1% upside potential in the coming 12 months. (See Twitter stock analysis on TipRanks).
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