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Twitter to Cut 8% of Workforce In Bid to Save Cash

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Oct 13, 2015, 8:41 AM   by Eric M. Zeman

Twitter today revealed plans to cut 336 workers, or about 8% of its employees. The cuts come just a week after co-founder Jack Dorsey was re-named CEO. At the end of June, Twitter had some 4,100 employees worldwide, half of whom were engineers. The layoffs chiefly target the engineering department. "We feel strongly that engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce," said Dorsey in a letter to employees. "And the rest of the organization will be streamlined in parallel." Twitter has failed to increase its user base significantly in recent quarters. It has about 316 million active monthly users, but growth has slowed to 2.6%. Earlier this month, Twitter introduced a new feature called Moments, which are meant to help novice and advanced users alike discover and follow trending news or events.

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