Twitter is planning to cut more hundreds of jobs this year as it is reported that Twitter is expected to cut 8 percent of its workforce that includes around 300 people working in Twitter Inc. The announcement of this widespread job cut will be possibly coming as soon as the end of this week ahead of its own third-final quarter results. The same percentage of workforce cut off took place last year on Twitter when the co-founder Jack Dorsey took over the company as the chief executive officer. According to Twitter the planning for the workforce cut is still fluid and these numbers could change with time. The financial troubles of the company make them take this decision of massive workforce cut out, as described by some unidentified people who are familiar with this matter. The people are asked not to be identified talking regarding the current plans of the company. Currently, the Twitter representative has declined to comment on this matter. An announcement regarding the job reductions is expected to come before the release of the third-quarter earnings on Thursday.
As the sales growth of the Twitter inc. has slow down and it is now losing huge money, so Twitter is trying to make efforts to save its money. The company has hired bankers for exploring the sale, but the companies which earlier expressed their interest in bidding including The Walt Disney co, Salesforce.com Inc and Alphabet Inc. has reportedly now backed out from the process. In the past 12 months, the Twitter has seen 40 percent fall in its share price and this huge loss of Twitter has made it difficult to pay its engineers with stock. All this has made it harder for Twitter to remain in competition with all other rival tech giants like Google, Facebook, and Alphabet. So it is expected that reducing the employee’s percentage would relieve the company some of its pressure. Twitter is currently struggling high to expand its user base. This giant social network has reportedly told its potential buyers that it wants to wrap-up negotiations regarding the sale by October 27. For week’s rumors have been swirling around that several big companies were interested in buying this troubled social network company. While now it is reported that all those companies bowed out. Layoffs can help the Twitter to lighten the load and make it more affordable to the potential suitors. The company currently has 3860 employees globally.