Twitter Cutting 8 Percent of Global Workforce
Twitter is laying off 336 employees, signaling CEO Jack Dorsey's resolve to slash costs while the company struggles to make money. The cutbacks announced Tuesday translate into about 8 percent of Twitter's workforce of 4,100 people.
The purge comes a week after Twitter brought back one of its co-founders as permanent CEO in hopes that Dorsey would be able to resolve problems that have slowed the messaging service's user growth and compounded an uninterrupted cycle of financial losses.
Share of Twitter rose 2.3 percent to $29.40 in premarket trading on Tuesday.
Cutting costs can boost profits, but at Twitter, it has also raised uncertainty about the future and the company's desire for aggressive growth and the larger audience it has sought for so long.