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You can find the current article at its original source at http://www.theguardian.com/technology/2015/oct/13/twitter-job-losses-global-restructuring-plan-jack-dorsey
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| Twitter to cut up to 8% of its global workforce under restructuring plan | Twitter to cut up to 8% of its global workforce under restructuring plan |
| (35 minutes later) | |
| Twitter is laying off up to 336 employees, or about 8% of its global workforce, as part of a plan to streamline operations. | Twitter is laying off up to 336 employees, or about 8% of its global workforce, as part of a plan to streamline operations. |
| The redundancies, mainly in the company’s product and engineering functions, come about a week after the microblogging company confirmed its co-founder Jack Dorsey was returning to the role of chief executive. | |
| “We feel strongly that engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce,” Dorsey said in a letter to employees. “And the rest of the organisation will be streamlined in parallel.” | |
| Related: Twitter's Facebook fixation could be sending the company into crisis | Related: Twitter's Facebook fixation could be sending the company into crisis |
| Twitter, which had about 4,100 staff globally as of 30 June, said it expected to incur about $10m-$20m (£6.5m-£13m) in severance costs and between $5m and $15m in restructuring costs. It expects to record most of these pre-tax restructuring charges in the quarter ending 31 December. | |
| The company is working to rekindle growth after the latest quarterly results in July revealed the slowest rise in monthly average users since it went public in 2013. | The company is working to rekindle growth after the latest quarterly results in July revealed the slowest rise in monthly average users since it went public in 2013. |
| Twitter also said it expected its third-quarter revenue to be at or above the higher end of its forecast range of $545m-$560m. The company estimated its adjusted EBITDA at or above the higher end of its forecast range of $110m-$115m. | |
| Up to Monday’s close, the company’s shares had fallen about 20% this year. Twitter shares rose 1.5% to $29.18 in pre-market trading on Tuesday. | |
| The company will report its third-quarter results on 27 October after the market closes. |