Twitter Plans Around 300 More Job Cuts This Week

(RTTNews) - Social media site Twitter Inc. (TWTR), which is facing an uncertain future, is planning to cut around 8 percent of its total workforce, Bloomberg reported Monday citing people familiar with the matter.

The company, which is trying cost control amid slowing sales growth, may announce the job cut of about 300 people as soon as this week. The announcement reportedly would be before it releases third-quarter earnings on Thursday. The report stated that the planning for the cuts are going on, and the final number may change.

As of June, the company had 3,860 employees globally.

Last year, Twitter had announced the same percentage of job cuts, then around 336 employees, a week after co-founder Jack Dorsey, who was working as interim CEO, took over as its permanent CEO.

The company, which is making about $400 million losses a year, recently hired bankers to explore a sale. Meanwhile, all the companies that had showed interest in a deal, including Salesforce.com Inc., The Walt Disney Co. and Alphabet Inc., backed out later from bidding.

The company reportedly said in September that it would lay off some employees and halt engineering work at Bengaluru development center.

Twitter on Monday has rescheduled the release of its third-quarter earnings to before the market open on Thursday, while its original plan was after the market close. The move is said to be to avoid conflict with earnings reports of other internet companies.