Twitter Could Lay Off Hundreds of Employees This Week

Eight percent of the company could be let go before Q3 earnings, according to Bloomberg

Last Updated: October 25, 2016 @ 9:20 AM

Twitter could eliminate roughly 300 members of its workforce, which is about eight percent of the company, according to Bloomberg.

Citing “people familiar with the matter,” Bloomberg reported that Twitter is still in the planning stages and the number of layoffs could change. Twitter is scheduled to announce its third-quarter earnings after the market closes on Thursday and Bloomberg speculates that the layoffs could come before earnings are announced.

Twitter declined TheWrap’s request for comment.

The company also sent employees packing last year when co-founder Jack Dorsey took over as chief executive officer. Twitter wanted to sell itself and continues to lose money, but has managed to remain extremely important to its users.

While Twitter has hired bankers to explore a sale, Bloomberg refers to it as a “struggling social-media company” that will “go it alone for the time being.”

Potential buyers Salesforce.com Inc., The Walt Disney Co. and Alphabet Inc. have all backed out for various reasons. Twitter’s stock price has dropped 40 percent over the last year and Bloomberg said reducing headcount would help its financial situation.