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Twitter to lay off over 300 people: Bloomberg

The job cuts could be announced before the company reports third-quarter earnings on Thursday Photograph: (Getty)

Bengaluru, Karnataka, India Oct 25, 2016, 02.58 AM (IST)

Twitter is planning to trim 8 per cent of its workforce, Bloomberg reported, citing people familiar with the matter. 

That means at least 300 of its employees are set to lose their jobs.

Twitter, however, is yet to come out with an official statement.

The company had laid off 336 people last year when Jack Dorsey, who had been serving as the interim chief executive, took over as the permanent CEO of the company. 

Till June, the company had 3,860 employees on its payroll.

The company had issued a warning in September when it had said that it will pare down its workforce and halt its engineering work at one of its development centres in Bengaluru, India's technological hub. 

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

The social media giant has had a tough time finding a buyer as most prospective suitors have baulked at acquiring a company with a market cap of $12.76 billion and losses running at $400 million every year., an American cloud computing company, had shown interest in buying Twitter last month but declined to make a bid citing its losses. 

(WION with inputs from Reuters)

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