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| Twitter cuts 336 jobs amid restructuring | Twitter cuts 336 jobs amid restructuring |
| (about 2 hours later) | |
| Twitter has said it is cutting 336 jobs, roughly 8% of its global workforce, as part of a restructuring of the business. | Twitter has said it is cutting 336 jobs, roughly 8% of its global workforce, as part of a restructuring of the business. |
| The job cuts will cost between $10m (£6.5m) and $20m in severance pay, while the restructuring will cost between $5m and $15m, the company said. | The job cuts will cost between $10m (£6.5m) and $20m in severance pay, while the restructuring will cost between $5m and $15m, the company said. |
| Shares in Twitter rose 2% in pre-market trading following the announcement. | Shares in Twitter rose 2% in pre-market trading following the announcement. |
| The move comes just days after co-founder Jack Dorsey was confirmed as Twitter's permanent chief executive. | |
| He had served as the interim boss of the company for three months after Dick Costolo stepped down on 1 July. | |
| Mr Costolo, who was chief executive from 2010 to this year, had been under pressure from investors unhappy with the firm's user growth. | |
| In a letter to Twitter employees, Mr Dorsey wrote: "We have made an extremely tough decision - we plan to part ways with up to 336 people from across the company. | |
| "We are doing this with the utmost respect for each and every person. | "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 in providing generous exit packages and help finding a new job." | "Twitter will go to great lengths to take care of each individual in providing generous exit packages and help finding a new job." |