Twitter Set For Layoffs Next Week, Reports Re/codeSocial Media

October 10, 2015 18:07

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Social media company, Twitter is planning for layoffs across the company next week, according to report from technology news website Re/code on Friday, by citing sources. On Monday, Jack Dorsey was named as permanent chief executive, and the layoff news comes after this.

There is no news on the number of Twitter's staff to be laid off. But Re/code has cited insiders as saying that, it is likely to affect most departments of the company. About 4,100 people are employed by the company in over 35 offices across the globe, as per the website. On Friday, Twitter shares fell 3.1% to $29.90 in extended trading.

After the company’s latest July quarterly results, it is working to regenerate growth after. The July quarterly results revealed the slowest rise in monthly average users from the time it went public in 2013. At that time, Jack Dorsey called the performance as "unacceptable."

Re/code reported that the layoff from Twitter comes just at the time of its restructuring of engineering organization so as to make it more efficient. The report added that most of the people impacted by the layoff are likely to be engineers.

Reuters quoted a Twitter spokeswoman as saying that, "We're not commenting on rumour and speculation.” Up to Friday's close, the shares of Twitter fell nearly 14% in 2015.


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Twitter  layoffs