Twitter has confirmed that it will cut loose more than 300 employees as the profitless company attempts to claw back costs and push for user growth on the struggling site.
The firm, whose old CEO Jack Dorsey returned to run Twitter last week, said in a US Securities and Exchange Commission regulatory filing that – as a result of the layoffs – it expected to see third quarter adjusted profit and sales at the "high end" of its forecast.
On 12 October 2015, the Board of Directors of the Company approved a restructuring and reduction in force plan of up to 336 employees, constituting approximately 8 per cent of the Company’s global workforce.
The restructuring is part of an overall plan to organise around the Company’s top product priorities and drive efficiencies throughout the Company. The Company intends to reinvest savings in its most important priorities to drive growth.
Dorsey only returned to his old job eight days ago. By the weekend it was being reported that Twitter planned hefty job cuts for its more than 4,000-strong global workforce.
In its last quarter, the company reported revenue of $502m and a net loss for Q2 of $136.66m.
Twitter will report its next results on 27 October. ®