Twitter, Inc. is planning to lay off up to 336 employees, or about 8 percent of the company's global workforce, according to an SEC filing by Twitter.
The job cuts are part of an overall plan to organize the company around its top priority products and drive efficiencies.
Jack Dorsey, the co-founder and CEO of Twitter, said in an email to employees that the company will be restructuring its workforce to put Twitter on a "stronger path to grow."
"Product and Engineering are going to make the most significant structural changes to reflect our plan ahead," he said. "We feel strongly that Engineering will move much faster with a smaller and nimbler team while remaining the biggest percentage of our workforce."
He reported in the statement that the company will take care of the employees who are going to be affected by the restructuring.
"Twitter will go to great lengths to take care of each individual by providing generous exit packages and help to find a new job."
Reuters also mentioned that Twitter's latest quarterly results in July show that the company experienced the slowest rise in monthly average users since it went public in 2013.
The company has been trying to revive its growth since the quarterly release.
The New York Times also reported that Twitter's struggle to increase its base of active users is due to many potential new customers finding the company's service too difficult to use.
Twitter has 316 million users as of the second quarter, a 15 percent increase from the previous year.
Advertisers have also complained that Twitter's advertising offerings are less exciting than what Facebook and Google offer, according to The New York Times.
Advertising is the company's main source of revenue.
As a result of the restructuring, Twitter expects to incur approximately $10 million to $20 million in cash expenditures for the company's severance cost, according to the SEC filing.
The company also said that the savings they will get from the restructuring will be reinvested in its most important priorities to help drive the company's growth.
