Twitter Plans To Cut About 300 Jobs As Soon As This Week: Bloomberg (bloomberg.com)

An anonymous reader quotes a report from Bloomberg: Twitter Inc. is planning widespread job cuts, to be announced as soon as this week, according to people familiar with the matter. The company may cut about 8 percent of the workforce, or about 300 people, the same percentage it did last year when co-founder Jack Dorsey took over as chief executive officer, the people said. Planning for the cuts is still fluid and the number could change, they added. An announcement about the job reductions may come before Twitter releases third-quarter earnings on Thursday, one of the people said. Twitter, which loses money, is trying to control spending as sales growth slows. The company recently hired bankers to explore a sale, but the companies that had expressed interest in bidding -- Salesforce.com Inc., The Walt Disney Co. and Alphabet Inc. -- later backed out from the process. Twitter's losses and 40 percent fall in its share price the past 12 months have made it more difficult for the company to pay its engineers with stock. That has made it harder for Twitter to compete for talent with giant rivals like Alphabet Inc.'s Google and Facebook Inc. Reducing employee numbers would relieve some of this pressure.

Comments

Re:8%

[rudy_wayne]

What in the world do those 3700 people do?

Certainly not anything that generates any profit.

Re:Companies that never made money and never will

[PopeRatzo]

Twitter is a pure money sink that is trading on their fame. I'm not even sure how they would monetize it and I don't think they know either.

I'm old enough to remember when people said that about Facebook.

Re:All Hyped Up and No Where To Go

[Hognoxious]

Perhaps they haven't discovered strlen() and they have to manually check that they don't go over the limit?