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Twitter to Lay Off 8% of Its Workforce

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Just a week after taking over as CEO of Twitter, Jack Dorsey has said the micro blogging site is set to lay off about 8% of its global workforce.

The 38 year old entrepreneur disclosed this in a letter to employees, which reads; “We are doing this with the utmost respect for each and every person. Twitter will go to great lengths to take care of each individual by providing generous exit packages and help finding a new job.

“This isn’t easy. But it is right. The world needs a strong Twitter, and this is another step to get there.”

The company said the job cuts would mostly affect its product and engineering teams in an effort to organize the company’s top product priorities and drive efficiencies.

According to a Twitter spokesman, the restructuring will cost between $5 million and $15 million.

Twitter also added a touch of good news for investors in its securities filing, noting that it expects revenue and a measure of its adjusted earnings to come in above the high end of its previously forecast range for the third quarter.

Twitter shares rose 1.1 percent to $29.06 as at Tuesday evening, in New York.

The company currently has about 4,100 employees.