Social giant Twitter Inc. is planning to lay off 8% of its staff by this week. More than 300 employees working at the company face an uncertain future as they face a possible lay-off.
The last time Twitter took to massive job cuts was last year when Jack Dorsey took over as the CEO of the company. At that time 336 employees were laid-off. The announcement for the job cuts might come before Thursday when the company announces its third-quarter earnings which might also impact the actual percentage of job cuts.
At present, Twitter`s future in the market remains uncertain. The company had hired bankers to field acquisition offers from big players such as Google and Disney. Both players dropped out of the bid soon after. Even Salesforce.com which had shown interest in buying the company, later dropped its bid.
The market cap of about $12.76 billion and losses estimated at around $400 million each year proved to be too expensive for most potential buyers.
In September Twitter had announced that it would be making job cuts and halt engineering work at one of its development centers based in India’s tech cities, Bengaluru.
Back-to-back yearly losses has made it very hard for Twitter to complete with market giants such as Google and Facebook. The company is hoping that the layoff will ease some of the pressure faced by it.
Twitter`s share closed at $18.03 as of Monday.