No financial turnaround in sight, Twitter planning to cut 300 jobs this week: Reports

The social media giant Twitter is likely to cut down 300 jobs, to be announced as soon as this week, a media report said.

According to source based story in Bloomberg, the company may cut about 8 per cent of the workforce the same percentage it did last year when co-founder Jack Dorsey took over as chief executive officer.

“Planning for the cuts is still fluid and the number could change,” said report, quoting people familiar with the situation.

While Twitter Inc representative denied to comment, one of the channel’s sources revealed that the announcement about job reductions may come before Twitter releases third-quarter earnings on Thursday.

Twitter’s losses and 40 per cent fall in its share price the past 12 months have made it more difficult for the company to pay its engineers with stock. That has made it harder for Twitter to compete for talent with giant rivals like Alphabet Inc’s Google and Facebook Inc. Reducing employee numbers would relieve some of this pressure.