Twitter has announced it will be cutting up to 336 jobs — about 8% of its total work force, reports USA Today.
Twitter CEO Jack Dorsey says the layoffs “will place the social media company ‘on a stronger path to grow,’” the story says.
The report quotes a memo from Dorsey in which he says: “Product and engineering are going to make the most significant structural changes to reflect our plan ahead. We feel strongly that engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce. And the rest of the organization will be streamlined in parallel.”
The story notes that analyst reaction to the job cuts was mixed.
The article adds, “Twitter’s expenses through the first half of the year rose 44% to $1.2 billion. Revenue totaled $938 million in the same period.”