P
Peter Holden
Guest
Newly confirmed Twitter CEO, Jack Dorsey, has wasted no time in implementing his plans to streamline the company, with today’s news that up to 336 employees would be culled from its 4,100 strong global workforce.
The layoffs are expected to cost around $10-20 million in severance costs and an additional $5-15million in restructuring, and are mainly concentrated in the company’s product and engineering sections. It would appear that other sections may also be in line for trimming down, with the company’s CEO stating that the rest of the company would be streamlined in parallel. Jack Dorsey said this in a letter to employees:
“We feel strongly that engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce. And the rest of the organization will be streamlined in parallel.”
Twitter is scheduled to report its third-quarter earnings later this month.
Source: Reuters
Come comment on this article: Twitter announces plans to layoff 8% of its global workforce
Visit TalkAndroid for Android news, Android guides, and much more!
News via TalkAndroid