Twitter planning to cut hundreds more jobs - reports

NEW YORK, NY – NOVEMBER 07: The Twitter logo is displayed on a banner outside the New York Stock Exchange (NYSE) on November 7, 2013 in New York City. Twitter goes public on the NYSE today and is expected to open at USD 26 per share, making the company worth an estimated USD 18 billion. (Photo by Andrew Burton/Getty Images)

TWITTER is reportedly planning to shed hundreds more jobs in a bid to reduce its losses.

Sources have said an announcement could be made before the company releases its third-quarter earnings on Thursday.

Business information service Bloomberg says the social networking site may cut around eight percent of the workforce, or around 300 jobs.

That would be roughly the same number as last year when co-founder Jack Dorsey took over as chief executive.

However, it is understood no final decision has been taken and the figure could be different.

A spokeswoman for Twitter, which is based in San Francisco, declined to comment on the reports.

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Twitter, which has been losing around US$400m (£327,5m) a year, has been trying to find a buyer.

Last month it hired bankers to help with the process but companies that expressed an interest – including Disney and Alphabet Inc. – later backed out.

With a market cap of about US$12,76 billion (£10.45 billion) and huge losses Twitter was apparently considered too expensive.

Last month it said it would be laying off some staff and halting engineering work at one of its development centres in India’s technology hub Bengaluru.

In September the company hired bankers to help it find a buyer but companies that expressed an interest later backed out.

Twitter has more than 25 offices around the world and employs around 3 860 people. news.sky.com