Twitter plans to cut up to 8% of its global workforce

Twitter is eliminating as many as 336 employees, or about 8 per cent of its global workforce.
Twitter is eliminating as many as 336 employees, or about 8 per cent of its global workforce.PHOTO: AFP

SAN FRANCISCO (BLOOMBERG) - Twitter Inc.'s Jack Dorsey is making his first round of job cuts, a week after being appointed chief executive officer.

The social-media company is eliminating as many as 336 employees, or about 8 per cent of its global workforce, the company said in a filing Tuesday. Most of the cuts will be in its product and engineering departments, it said. Twitter, which has been reorganizing those areas over the past year, employs 4,100 people, according to its website.

Twitter estimates the restructuring will cost between US$5 million and US$15 million, with the expenses coming mostly in the fourth quarter.

"We are moving forward with a restructuring of our workforce so we can put our company on a stronger path to grow," Mr Dorsey said in a letter to employees that was included in the filing.

Twitter shares rose 1.2 per cent to US$29.09 at 9:03 a.m. in New York after rising as much as 7.2 per cent in premarket trading.