×

Twitter to Lay Off 8% of Workforce

Twitter, facing slowing user growth, said it will lay off up to 336 employees, or about 8% of its global workforce.

The company, in an SEC filing Tuesday, said it expects to incur a $10 million to $20 million cash charge for severance costs associated with the layoffs. Twitter said it expects to recognize most of the pre-tax restructuring charges in the fourth quarter.

The layoffs come one week after Twitter named co-founder Jack Dorsey permanent CEO, launched curated-news feature Mentions and also announced the opening of its Amplify video-ad program to all creators.

According to Dorsey, the job cuts will most heavily affect Twitter’s product and engineering teams. The job cuts will put the company on “a stronger path to grow,” he wrote in an email memo Tuesday to employees which the company appended to its SEC filing.

“We feel strongly that Engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce. And the rest of the organization will be streamlined in parallel,” Dorsey wrote.

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

In the filing, Twitter updated guidance for the third quarter of 2015. The company expects revenue to be at or above the high end of the previously forecast range of $545 million to $560 million, with adjusted earnings at the top end of the $110 million to $115 million range.

Twitter is scheduled to report Q3 2015 earnings on Tuesday, Oct. 27, after market close.

Popular on Variety

More Digital

  • Snow White

    What's Coming to Disney Plus Starting in November

    Disney unveiled the complete list of films to premiere on its streaming service Disney Plus via a lengthy Twitter thread Monday. With its powerhouse catalog including Marvel, Pixar, Star Wars, and National Geographic properties, the full magnitude of the Disney empire will be seen once the streaming service launches. Along with Disney originals previously announced [...]

  • Grace Helbig

    Grace Helbig Hosting Facebook Watch Show 'Ladies First' About Empowered Women

    Longtime YouTube creator Grace Helbig has a new series — coming to Facebook Watch. In the unscripted eight-episode show “Ladies First with Grace Helbig,” set to premiere Tuesday, Oct. 22, the digital star sits down with a series of “empowered women” to learn about how they’re making a positive impact. Guests include actress-comedian Margaret Cho, [...]

  • Fortnite-Season-X-Out-of-Time

    'Fortnite' Goes Dark: A Masterful Marketing Stroke by Epic Games

    On Sunday, “Fortnite” — the most popular game on Earth right now — without warning, imploded into darkness. At around 2 p.m. ET on Oct. 13, a meteor in Season 10 of “Fortnite” that had been biding its time set off a cataclysmic chain reaction that sucked up everything on the the island and eventually [...]

  • reddit-snapshat-sharing

    Reddit Adds Snapchat Sharing to Its iOS App

    In a first such integration with other social networks, Reddit has added an option to share content from its iOS app to Snapchat. iPhone users can now share Reddit posts with their contacts on Snapchat, or add Reddit content to their Snapchat stories. Anything shared on Snapchat includes a special Reddit sticker, and links back [...]

  • tubi kids

    Tubi to Launch Tubi Kids, U.K. Offshoot

    Ad-supported video streaming service Tubi is the latest to jump on the children’s entertainment bandwagon: Tubi is set to launch a dedicated kids section on Oct. 21, the company announced at Mipcom in Cannes Monday. Additionally, Tubi will also bring its service to the U.K. early next year. Tubi’s new kids section will offer access [...]

  • Terry Back chairman ACF

    Veteran U.K. Media Investor Terry Back Joins ACF as Chairman

    CANNES — Veteran U.K. film industry investor Terry Back has joined ACF investment bank as chairman. ACF, headed by CEO Thomas Dey, has been at the forefront of the M&A activity around independent TV and film production outfits, mostly in the unscripted TV arena. ACF is in the midst of expanding its activities in the [...]

  • Jay Frank

    Jay Frank, UMG Senior VP and Digital Music Veteran, Dies at 47

    Universal Music executive and digital music veteran Jay Frank died Sunday after a battle with cancer. He was 47. UMG chief Lucian Grainge remembered him in a message sent to the company. “Dear Colleagues,” it reads. “I’m deeply saddened to tell you that our colleague and friend Jay Frank has passed after a recurrence of [...]

More From Our Brands

Access exclusive content