Twitter’s Dorsey to slash more than 300 jobs
Newly appointed CEO wastes no time; moves to ‘streamline’ workforce
Twitter has announced it will axe up to 336 jobs, or 8% of its workforce, as part of a cost-cutting scheme devised by co-founder and recently appointed CEO, Jack Dorsey.
Dorsey, serving as chief executive for the second time in the microblogging firm's history, hopes to revive growth in the platform's user base.
Twitter's engineering and product divisions will feel the brunt of the cuts.
"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."
Second-quarter growth in Twitter's monthly active users was the lowest since the company's November, 2013 IPO. Stock almost tripled to a peak of $74.73 in December 2013, but has dropped by about 60% since.
After the company's last CEO, Dick Costolo, resigned in July, Dorsey has overseen a number of feature rollouts, including a "buy now" button that allows in-platform purchases and a ranking mechanism for the best tweets and content.