Twitter is set to announce hundreds of job losses this week amid a period of deep instability for the company, according to a report from Bloomberg.
The company is reportedly set to cut over 300 jobs, comprising 8% of its total workforce, in an attempt to further retrench and restructure its floundering business model, insiders have revealed.
The news of job losses is expected to come before Twitter announces their third quarter earnings on Thursday, which could increase the pressure on CEO Jack Dorsey to give further insight into the company’s financial stability.
Twitter’s latest financial results were extremely disappointing, falling well below their expected revenue targets, whilst the company has seen its share price drop by almost 40% in the past year.
Furthermore, many of the company’s most prominent executives have left the company over the last few months, including their former vice president of finance, Todd Morgenfield.
There have recently been attempts to sell the company, however some of the most likely bidders such as Disney, Microsoft, and Google have all pulled out of a potential deal.