Twitter’s New CEO Jack Dorsey To Layoff 8% Workforce

Twitter CEO Jack Dorsey is on the way to restructuring further the organization and about 8 percent of the employees will suffer layoffs, which will be primarily in the product and engineering functions.

Dorsey took over the chair of permanent CEO last week. Globally the social platform had about 4,100 workforce.

On Tuesday morning the shares of Twitter jumped about 6 percent.

The new CEO said the engineering will be moving faster than before with smaller and nimbler team. He added the rest of workforce will be streamlined in parallel.

The planned layoffs ware first reported by Re/code tech news website on October 9.

However, if believed to the FBN Securities analyst Shebly Seyrafi, the social giant need to also focus in rationalizing the sales abreast of engineering.

Twitter released its IPO on November 7, 2013 and by end of the same year the stocks jumped three times, as high as $74.73. Now, it has fallen to the most, by about 60 percent since it went public. The second-quarter growth this year was the slowest.

The third-quarter results wil be announced on October 27.

Last week Twitter unveiled Moments, a new feature videos, photos and other stuff about major events.