Twitter plans to lay off about 300 more employees


Twitter Inc, mega micro-blogging social media network, may cut off 8% of its workforce or about 300 people, according to a report.

The job cuts could be announced before the company reports Q3 earnings and the number of jobs affected could change, said the report.

A company spokesperson declined to comment on the matter.

Last year, Twitter announced its plans to lay off up to 336 employees, a week after Jack Dorsey, its co-founder who had been serving as interim chief executive, took over as permanent CEO.

The Social Media complany faces an uncertain future after Inc, the last of the companies believed to be interested in buying the company, said it would not make a bid.

With a market cap of about $12.76 billion and losses running at about $400 million a year, Twitter was likely judged too expensive by prospective buyers.

The company earlier said it would lay off some employees and halt engineering work at one of its development centres in India’s technology hub Bengaluru.

Twitter on Monday said it rescheduled the release of its third-quarter earnings to avoid conflicting with earnings announcements by other internet companies. It had originally planned to release results after the market close.

The company had 3,860 employees globally as of June.

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Sameeksha Bhardwaj, From ITvoir News Desk