Twitter says it will slash nine per cent of its global workforce as it embarks on a restructure of the business.
Twitter Inc, which has struggled amid competition from the likes of Facebook, Snapchat and Instagram, said it expects to book about $US10 million to $US20 million ($A13 million-$A26 million) in workforce restructuring charges.
Since the end of 2014, Twitter has picked up just 15 million monthly users to expand its audience to 313 million people through June. During the same stretch, Facebook gained 319 million users to reach 1.7 billion people.
Twitter is placing a big bet on live video, and wants to be the go-to place to share opinions in real time.
According to the company, it has about 3,860 workers.
The layoffs come as Twitter showed some slight improvement in financial performance for the third quarter.
The company posted quarterly revenue of $US616 million, up 8 per cent year-over-year, and adjusted net income of $US92 million, or 13 cents per share. Wall Street expected Twitter to post revenue of $US606 million and adjusted EPS of 9 cents.
User growth remained stuck in low gear, as expected. Monthly active users hit 317 million for the third quarter, compared with about 313 million in the previous quarter. Analysts had expected a net gain of three million.
"Our strategy is directly driving growth in audience and engagement, with an acceleration in year-over-year growth for daily active usage, Tweet impressions, and time spent for the second consecutive quarter," Twitter CEO Jack Dorsey said in announcing the results.
"We see a significant opportunity to increase growth as we continue to improve the core service. We have a clear plan, and we're making the necessary changes to ensure Twitter is positioned for long-term growth."
