Report: Twitter Plans 300 Job Cuts

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Twitter is reportedly planning widespread job cuts. Citing "people familiar with the matter," Bloomberg says the company is prepping pink slips for 8 percent of its workforce—about 300 people.

An announcement could come before the social network releases third-quarter earnings on Thursday, according to Bloomberg.

In October 2015, shortly after Jack Dorsey took over as CEO, Twitter laid off 336 people, or about 8 percent of its 4,100 employees around the world. "Thank you all for your trust and understanding here," Dorsey told employees at the time. "This isn't easy. But it is right. The world needs a strong Twitter, and this is another step to get there."

The news comes amidst reports that Twitter is looking for a buyer. Thus far, however, it's had no takers, in part because of its failure to adequately address its abuse problem. Salesforce recently bowed out, with CEO Marc Benioff saying Twitter "wasn't the right fit for us."

The Walt Disney Co. and Google's parent company Alphabet Inc. also backed out, according to reports.

Ultimately, a buyer will also have to grapple with stagnant user growth and engagement: A significant portion of Twitter accounts (as many as 44 percent) appear to be abandoned, and its monthly active user base is up only slightly from 240 million two years ago. That's a slower growth rate than Facebook, which has more than 1.5 billion monthly active users.

Twitter did not immediately respond to a request for comment.

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