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article imageTwitter plans to layoff hundreds of employees

By Owen Weldon     Oct 26, 2016 in Business
Twitter is reportedly planning to layoff as much as eight percent of its staff, or around 300 employees. The news comes after Twitter failed to find a potential buyer.
Companies such as Google, Disney and Salesforce were initially interested in Twitter. However, due to concerns with Twitter's abuse problem, they decided to abandoned their efforts.
A year ago, Twitter also cut around eight percent of its staff. That was following Jack Dorsey's return to the company as CEO. At the time, Dorsey, who is also one of the founders of the company, said Twitter could benefit from a thinner engineering team.
Bloomberg, citing anonymous sources, reported that an announcement about the job cuts may come before Twitter releases its third-quarter earnings on Thursday. Part of the reason why Twitter is going to layoff staff is because it's trying to control spending in a time when its sales growth has slowed down.
Twitter's sales teams will likely be affected by the round of layoffs. As of now, it's unclear if Periscope, Twitter's live video broadcasting service, will be affected.
Twitter could end up saving around $50 million to $100 million annually as a result of the layoffs. The social media site has struggled to attract more users to the site, and currently they have around 310 million monthly active users. However, they face stiff competition from sites such as Instagram and Facebook.
For now, Twitter has not commented or have released a statement.
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