Twitter may reduce workforce by 8pc, cutting 300 jobs

25 Oct 201614 Shares

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More Twitter staff may be about to leave the nest. Image: Stubblefield Photography/Shutterstock

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Struggling social network player Twitter is reportedly planning to reduce its workforce by 8pc.

It is understood that Twitter – which is due to announce its Q3 earnings later this week – is planning to let go 300 members of staff from its workforce.

The move comes on the heels of potential acquirers, such as Salesforce, Disney and Google’s Alphabet, walking away from the table.

The 8pc cut will be the same proportion that CEO Jack Dorsey reduced the company by on his return to the helm last year.

Rocking the Twitter nest

The company is wrestling with losses of $533m in 2015, despite revenues growing 58pc to $2.2bn. Its share price has plummeted by 40pc in the last 12 months.

This is making it more difficult to pay engineers with stock in the face of a raging talent war in Twitter’s home city of San Francisco.

Twitter’s Dublin operations appear to be bucking the trend and actually reported a profit in 2015, for the second year in a row.

The company’s EMEA operations in Dublin are in the process of moving to a new HQ in Dublin at 1 Cumberland Place, around the corner from Merrion Square and Pearse Street Station.

Twitter is due to report its third quarter results pre-market instead of post-market at 4am PST.

Editor John Kennedy is an award-winning technology journalist.

editorial@siliconrepublic.com