Twitter may announce this week that it will lay off about 8 percent or about 300 employees. The number is not fixed according to the sources.
The official announcement may come before the company releases its third-quarter earnings on Thursday. However, Twitter did not substantively respond to the rumors.
When co-founder Jack Dorsey took over the reins last year as a chief executive officer, the same number of employees was fired. At that time 336 employees lost their jobs.
Twitter has been suffering losses for a long time and is now trying to reduce expenditure as sales growth declines. The company recently hired bankers to examine a possible sale, but most of the interested parties such as Salesforce, Walt Disney, and Alphabet backed out later anyway.
Twitter’s losses and fall in the stock market since the last twelve months are making it difficult for the company to pay its employees with shares. Therefore, the social networking company has struggled to compete with competitors such as Google and Facebook to get the best talent.
However, laying off employees could help Twitter in that problem.