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According to information gleaned from an SEC filing, it appears Twitter will be laying off 336 employees, which is roughly about 8% of the company’s global workforce.
The layoffs come about a week after Twitter cofounder Jack Dorsey was appointed permanent CEO, promising big changes for the company.
Dorsey has not been shy about the need to shake up things at the company, as user growth and engagement have refused to increase and the company’s stock has felt the brunt of that.
Earlier in June, during Twitter’s second quarter conference call, Dorsey called the performance “unacceptable,” and said he would “ensure more disciplined execution,” among other things.
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It will cost Twitter about $10 to $20 million in severance costs. Its restructuring expenses are also expected to fall within the same range.
According to Twitter’s SEC filings, the layoffs will not hurt the company’s revenue-generating ability but will help maintain Twitter’s profitability.
Twitter’s stock went up 3.7% following news of the layoffs.