Twitter to cut up to 8 percent of global workforce

Twitter's Dorsey to Cut Up to 8% of Workforce
Twitter's Dorsey to Cut Up to 8% of Workforce

Twitter Inc said it would lay off up to 336 employees, or cut about 8 percent of its global workforce, as part of an overall plan to streamline operations.

The layoffs come about a week after the microblogging service provider appointed its co-founder Jack Dorsey its permanent CEO.

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Twitter shares rose 2.3 percent to $29.41 in premarket trading on Tuesday.

Twitter said it expected to incur about $10 million-$20 million in severance costs and $5 million-$15 million in restructuring costs.

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The company said it expected to record most of these pretax restructuring charges in the quarter ended Dec. 31.

Twitter is working to rekindle growth after its latest quarterly results in July revealed the slowest rise in monthly average users since it went public in 2013.

The company will report its third-quarter results on Oct. 27 after the market closes.

(Reporting by Devika Krishna Kumar and Lehar Maan in Bengaluru; Editing by Kirti Pandey)

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