Twitter To Cut Hundreds Of Jobs As Losses Mount [REPORT]
According to a new report from Bloomberg, social media giant Twitter is planning on laying off up to 300 people, or about 8 percent of its workforce. These job cuts could potentially be announced before the company reports its third-quarter earnings, and the number of jobs affected could change, Bloomberg said.
A Twitter spokeswoman declined to comment.
When Jack Dorsey, a co-founder of Twitter, returned as the company’s chief executive last year, Twitter cut 336 staff members, a similar number of jobs that could be axed in this latest attempt to slim down and streamline company operations.
“The team has been working around the clock to produce streamlined roadmap for Twitter, Vine, and Periscope and they are shaping up to be strong,” said Dorsey in a letter filed with the Securities and Exchange Commission last year.
The social media giant last month hired bankers to aid in field acquisition offers. After Salesforce.com Inc, the last company believed to be interested in buying the company, said it had no plans on making a bid, Twitter faces an uncertain future.
Twitter’s continued losses and 40 percent decline in its share price in the last year have made it difficult for the social media company to pay its employees with company stock. This had made it much more difficult to compete with the likes of Google and Facebook, its primary rivals. Reducing the number of employees would most likely serve to relieve some of this pressure.