Twitter plans major job cuts, reports

The company recently moved into a new office in Dublin...

Twitter plans major job cuts, reports

Picture by: Twitter / PA Wire/Press Association Images

Twitter is likely to announce significant additional job cuts this week around publication of its third quarter results on Thursday.

Bloomberg reports this morning that the company could announce an 8% cut in its workforce – that's about 300 people – and the same percentage as the same time last year when co-founder, Jack Dorsey returned as CEO.

Its sources added that the situation is fluid and the number of jobs to be cut could change.

The company, which has lost a number of senior executives this year, has seen its share price tumble by 40%, particularly in recent weeks as a number of potential suitors including Disney, Google and Salesforce confirmed they have no interest in acquiring it.

Twitter is trying to control its spending as sales growth slows. The firm is yet to comment on today's reports.

As the social media landscape has shifted towards mobile devices Twitter has struggled to attract new users - its share price has fallen by 40% in the last 12 months.

Earlier in this month, Twitter moved into a larger office in Dublin - it houses its EMEA Headquarters.