Twitter Layoffs: Social Network Slashing 8 Percent of Workforce

by Julianne Pepitone /  / Updated 

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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:

Related: Twitter Suspends Deadspin, SBNation Accounts Over Copyright

"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.

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