Twitter announces major job cuts

It will let go of 9% of its workforce...

Twitter announces major job cuts

The Twitter logo appears at the post where it trades on the floor of the New York Stock Exchange | Image: Richard Drew AP/Press Association Images

Twitter is planning to cut 9% of its global workforce - which amounts to about 350 jobs - as it struggles to find a buyer.

Reports of the job cuts emerged at the start of this week and the company confirmed today that it will be reducing its headcount.

Twitter reported earnings of 13 cents per share and revenue of $616m beating estimates.

During the quarter the company had 313 million monthly active users - that's only 3% more than last year.

CEO Jack Dorsey commented on the results: "Our strategy is directly driving growth in audience and engagement, with an acceleration in year over-year growth for daily active usage, Tweet impressions, and time spent for the second consecutive quarter."

"We have a clear plan, and we're making the necessary changes to ensure Twitter is positioned for long-term growth. The key drivers of future revenue growth are trending positive, and we remain confident in Twitter's future," he continued.

The restructuring will cost between $10m and $20m in cash expenditure, and between $5m to $10m in non-cash expenditures. It will focus on its sales, partnerships and marketing departments.