Twitter to reduce workforce by 8%
15 October 2015, Nirapad News: Twitter announced plans to cut 336 jobs, equal to around 8 percent of its total workforce.
Twitter said in a SEC filing that the restructuring is part of an overall plan to focus on its top product priorities and drive efficiencies throughout the company.
The cost savings from the lay-offs will be reinvested in product development.
Twitter said the restructuring will lead to about USD 10-20 million in one-time costs, of which USD 5-15 million in cash, which should be taken in the fourth quarter.
The company also announced that it expects revenue and adjusted EBITDA for the third quarter to be at or above the high end of its previously forecast ranges of USD 545-560 million and USD 110-115 million, respectively.
Final results will be reported 27 October, reports telecompaper.com.