Twitter is lining up hundreds of job cuts in an attempt to streamline operations
Twitter is preparing to unveil hundreds of jobs cuts prior to its third quarter earnings announcement on Thursday.
Up to 300 positions, or eight per cent of the work force, could be culled as the social media giant tries to stem losses that are currently running at $400m (£329m) per year.
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The group, which has hired investment banks to run a potential sales process, has failed to garner significant interest from potential suitors. The consensus view is that, for many, Twitter’s current market cap of £10.4bn makes it a too expensive proposition.
Fellow US tech-giant Salesforce was believed to be the last of the interested parties but said earlier this month that it was no longer planning to make an offer.
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The cuts, reported by sources close to the company to Bloomberg, follow lay-offs announced in September as a result of halting plans to build a development centre in India’s technology hub, Bengaluru.
Twitter declined to comment in response to the reports.
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Twitter announced yesterday that it will reveal its third quarter earnings before the markets open on Thursday rather than afterwards. The company said that this was to ensure that the announcement would not conflict with financial updates by other internet companies.