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Twitter to lay off up to 336 people as part of restructuring plan

The social networking website Twitter plans to lay off up to 336 employees - roughly 8 percent of its workforce - as part of a restructuring plan to put the company "on a stronger path to grow," chief executive Jack Dorsey announced on Tuesday.

"The team has been working around the clock to produce streamlined roadmap for Twitter, Vine, and Periscope and they are shaping up to be strong," Dorsey said in an emailed to employees. "The roadmap is also a plan to change how we work, and what we need to do that work. Product and Engineering are going to make the most significant structural changes to reflect our plan ahead."

Dorsey said Engineering should move faster with "a smaller and nimbler" team, although it will remain the company's biggest department.

"We have made an extremely tough decision: we plan to part ways with up to 336 people from across the company," said Dorsey, who is a co-founder of Twitter and returned as the company's chief executive earlier this year. "We are doing this with the utmost respect for each and every person. Twitter will go to great lengths to take care of each individual by providing generous exit packages and help finding a new job."

Dorsey added: "This isn't easy. But it is right. The world needs a strong Twitter, and this is another step to get there."

Twitter has struggled to make money and attract new users. The company reported $502.4 million in second quarter revenue this year, up 61 percent compared to $312.1 million during the same quarter last year. The company's net loss narrowed to $136.6 million, up from a net loss of 144.6 million last year.

Monthly active users increased by 8 million to 316 million during the second quarter, up 15 percent year-on-year.

(Copyright 2015 by BNO News B.V. All rights reserved. Info: sales@bnonews.com.)

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