Twitter will cut up to 300 jobs as part of a restructuring effort, according to a report, amid a period of slow growth and uncertainty about the company's future.
Twitter's losses and fall in the stock market since the last twelve months are making it hard for the company to pay its employees with shares.
Twitter Inc (NASDAQ:TWTR) is set to report its third-quarter earnings on October 27. The company stated that this change was "in response to analyst requests, to avoid overlapping with several other earnings announcements in the Internet sector scheduled for Thursday afternoon". The people asked not to be identified because they are talking about private company plans.
Unlike many of its peers, the company has failed to grow significantly the number of its users or adequately monetize through advertising the number of users it already has on the site. But they all appeared to drop out, with Disney apparently wary of the caustic comments and abuse by Twitter trolls. For a company that's now under the microscope - courtesy of ongoing speculation regarding its acquisition - the move has led to much debate.
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On Monday, Gannett-the largest newspaper company in the United States-also announced job cuts.
Twitter's third-quarter earnings will be released on Thursday. "Twitter will go to great lengths to take care of each individual by providing generous exit packages and help finding a new job", he noted.
Although the exact scope of the cuts is still unclear, the layoffs will see an 8% reduction in staff across the company. Once trading at almost $70 per share, TWTR is priced at just over $17 per share as of this writing.
The revenue crunch has resulted in Twitter reportedly struggle to pay its engineers and this has resulted in a talent drain to more financially stable rivals.