(LATIMES) — Twitter Chief Executive Jack Dorsey may have spoken too soon back in June when he described the company’s direction as "extremely strong and beautiful."
The San Francisco microblogging site will cut 336 employees, or 8% of its global workforce, as part of a restructuring plan. Twitter began notifying affected employees on Tuesday. Its shares were up 2.33% in late-morning trading, to $29.42.
"The restructuring is part of an overall plan to organize around the company’s top product priorities and drive efficiencies throughout the company," Twitter said in a securities filing. "The company intends to reinvest savings in its most important priorities to drive growth."
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