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Report: Twitter to Trim Workforce

FILE - A portrait of the Twitter logo in Ventura, California.
FILE - A portrait of the Twitter logo in Ventura, California.

There’s more bad news for Twitter.

The troubled microblogging site is planning to reduce its workforce by 8 percent, according to Bloomberg News.

The report comes on the heels of the company failing to find a buyer.

Twitter reportedly is seeking to eliminate around 300 people, around the same number cut when Twitter founder Jack Dorsey returned to the company last year.

While Twitter has not commented on the report, Bloomberg says an official announcement could come before the company releases third-quarter earnings on Thursday.

Twitter’s stock has fallen around 40 percent over the past year, but even at a discount, the company could find no buyers. Disney, Alphabet (Google’s parent company) and were said to have been interested.

Last March, Twitter celebrated its 10-year anniversary amid numerous headwinds. It has yet to turn a profit.

The company has rolled out some changes to its service, including tweaking the 140-character limit. The company has seen its user base shrink as it struggles against social media giants Facebook and Snapchat.

Twitter stock was down about 5 percent on the report of layoffs.

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