Microblogging network Twitter is preparing to lay off hundreds of people before it reports third-quarter results this week.
Last year, after co-founder Jack Dorsey returned as CEO, the company already cut more than 300 roles and handed a third of his Twitter shares to remaining staff because more work would fall on them. Now, with fresh financial pressure, Twitter is said to be ready to cut about 300 more jobs, roughly 8% of the workforce.
The network has more than 300 million monthly active users, yet it never matched the growth rates of Facebook, Instagram, and Snapchat, and it lost about 40% of its market value over the past 12 months.
Twitter also struggles with abusive and harassing posts. Google, Salesforce, Walt Disney, and Facebook walked away from acquisition talks, citing weak tools against online bullying and limited product progress under Dorsey beyond a few tweaks.
Twitter plans to report Q3 numbers on the morning of 27 October. Layoff news may land before that.
