Twitter is reportedly planning to reduce costs by cutting hundreds of jobs after the micro-blogging service failed to find a buyer, as losses and a decline in the stock price continued.
Twitter reportedly is seeking to eliminate around 300 people, around the same number cut when Twitter founder Jack Dorsey returned to the company a year ago.
Those numbers could change, as planning isn't final yet. If the workforce was reduced by 300 in 2015, then eight percent of the current (unknown) total number of employees would seemingly be less, as there were fewer people on the payroll this time around.
Twitter has had a rough go ever since founder Jack Dorsey returned to take over as CEO a year ago.
The company had 3,860 employees globally as of June.
Twitter's cost structure was originally created to support a larger user base, but user growth has stagnated and the company needs to reduce costs, wrote SunTrust Robinson Humphrey analyst Robert Peck in a Tuesday note.
Shares for Twitter dropped as far as 4 percent Tuesday.
Twitter on Monday said it rescheduled the release of its third-quarter earnings to before the market open on Thursday to avoid conflicting with earnings announcements by other internet companies.
In a letter to employees with the subject line "A more focused Twitter" Dorsey wrote: "We are moving forward with a restructuring of our workforce so we can put our company on a stronger path to grow".
The job cuts were reported by Bloomberg, citing anonymous sources. Hence, it will prove very expensive for the company, which acquires the popular social media giant. The people asked not to be identified talking about private company plans.
In July this year, Twitter's second quarter earnings revealed it had missed analysts' market expectations with revenue of $602m.