Breaking News Emails
Twitter's nest is getting a bit smaller.
The social-media company is planning to lay off up to 8 percent of its employees, with the deepest job cuts in the product and engineering teams.
Up to 336 employees globally will lose their jobs, Twitter said in a filing with the Securities and Exchange Commission Tuesday morning.
Twitter's Jack Dorsey, who was named the company's permanent CEO last week, tweeted a link to a letter he sent to employees, which was included in the SEC filing:
"We feel strongly that Engineering will move much faster with a smaller and nimbler team," Dorsey wrote in the letter. "And the rest of the organization will be streamlined in parallel."
Tech blog Re/code reported last week that layoffs were coming as a result of Twitter becoming "too bloated." The company had about doubled its global workforce to 4,100 over the past two years -- but Twitter's user base has grown by less than 50 percent during the same period. Investors liked the layoff news: Twitter shares were up about 3 percent in early trade Tuesday.