Twitter will reportedly fire around 300 employees or 8 percent of its workforce to check its spending amidst slow sales growth, according to a report by Bloomberg.
“An announcement about the job reductions may come before Twitter releases third-quarter earnings on Thursday,” said the report.
Twitter’s share price saw a drop of 40 percent within the past year and has made it difficult for the company to compete for talent with the likes Google and Facebook.
“The job cuts suggest Twitter isn’t in a position to beat analysts’ estimates for results in the third quarter or its outlook for the fourth, Loop Capital analyst Blake Harper wrote in a note to clients,” it added. Read also: Twitter Sale: Here's All You Need to Know
Recently, Twitter was exploring selling itself even as the 10-year-old service has evolved into a potent global source of news, entertainment and social commentary.
Companies like Salesforce, Walt Disney and Alphabet showed interest in buying Twitter but had backed out later.
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