Twitter may axe another 300 jobs: Report
It has been reported that Twitter Inc is planning another round of job cuts, with people familiar with the matter telling Bloomberg Technology the social media giant may lay off up to 300 staff -- approximately 8 percent of its workforce.
While Bloomberg's sources noted the estimated number might change, it said an official announcement is expected to be made by the microblogging site as early as this week when it delivers its third quarter earnings.
Just over a year ago, Twitter confirmed plans to cull 336 of its employees, claiming the layoffs were part of its overall restructuring plan.
The cuts announced last October followed earlier reports that Twitter co-founder and CEO Jack Dorsey, who was brought in as the company's chief executive for a second time, was planning layoffs across all of the company's departments.
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"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.
"Product and Engineering are going to make the most significant structural changes to reflect our plan ahead," Dorsey added. "We feel strongly that Engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce. And the rest of the organisation will be streamlined in parallel."
Earlier this month, Twitter had reportedly told potential acquirers that it wanted to conclude negotiations to sell itself by the time it reports its third quarter earnings on October 27.
With Recode claiming Twitter could sell for between $18 billion to $30 billion, the list of potential buyers has been previously flagged as Salesforce, Google's Alphabet, Disney, and Microsoft.
Just under two weeks ago, Salesforce pulled out, with CEO Marc Benioff telling the Financial Times that Twitter was "not the right fit for us for many different reasons".
Due to post its Q3 earnings on Thursday, Twitter missed Wall Street expectations in both the first and second quarters of 2016. Last quarter it posted a net loss of $107 million, or 15 cents per share. At the time it said it expects third quarter revenue in the range of $590 million to $610 million.
According to Thomson Reuters StarMine, Twitter has been unable to record net profit in 11 quarters.