Twitter Plans to Cut About 300 More Jobs

Last year, the microblogging site announced plans to lay off up to 336 employees, or about 8 percent of its workforce, a week after Jack Dorsey took over as permanent CEO.
Twitter Plans to Cut About 300 More Jobs
Image credit: Moso Image | Shutterstock

Grow Your Business, Not Your Inbox

Stay informed and join our daily newsletter now!
2 min read
This story originally appeared on Reuters

Twitter Inc. may cut 8 percent of its workforce or about 300 people, Bloomberg reported on Monday, citing people it said were familiar with the matter.

The job cuts could be announced before the company reports third-quarter earnings on Thursday, and the number of jobs affected could change, Bloomberg said. 

A company spokeswoman declined to comment.

Last year, Twitter announced plans to lay off up to 336 employees, or about 8 percent of its workforce, a week after Jack Dorsey, its co-founder who had been serving as interim chief executive, took over as permanent CEO.

Twitter, which last month hired bankers to field acquisition offers, faces an uncertain future after Salesforce.com Inc., the last of the companies believed to be interested in buying the company, said it would not make a bid.

With a market cap of about $12.76 billion and losses running at about $400 million a year, Twitter was likely judged too expensive by prospective buyers.

The company said in September it would lay off some employees and halt engineering work at one of its development centers in India's technology hub Bengaluru.

Twitter on Monday said it rescheduled the release of its third-quarter earnings to before the market open on Thursday to avoid conflicting with earnings announcements by other internet companies. It had originally planned to release results after the market close.

The company had 3,860 employees globally as of June.

(Reporting by Abinaya Vijayaraghavan and Subrat Patnaik in Bengaluru; Editing by Sandra Maler and Leslie Adler)

More from Entrepreneur
Our Franchise Advisors will guide you through the entire franchising process, for FREE!
  1. Book a one-on-one session with a Franchise Advisor
  2. Take a survey about your needs & goals
  3. Find your ideal franchise
  4. Learn about that franchise
  5. Meet the franchisor
  6. Receive the best business resources
Discover the franchise that’s right for you by answering some quick questions about
  • Which industry you’re interested in
  • Why you want to buy a franchise
  • What your financial needs are
  • Where you’re located
  • And more
Make sure you’re covered for physical injuries or property damage at work by
  • Providing us with basic information about your business
  • Verifying details about your business with one of our specialists
  • Speaking with an agent who is specifically suited to insure your business

Latest on Entrepreneur