In an effort to reduce costs, San Francisco-based Twitter will cut approximately 350 people, about 9 percent of its staff, according to Recode.
The social media company announced the job cuts Oct. 27 as part of its third quarter financial results.
"We're getting more disciplined about how we invest in the business, and we set a company goal of driving toward GAAP profitability in 2017," said Twitter CFO Anthony Noto in a press release. "We intend to fully invest in our highest priorities and are de-prioritizing certain initiatives and simplifying how we operate in other areas."
In its Q3 financial results, Twitter reported revenue of $616 million and a GAAP net loss of $103 million.
Many of the cuts will be in Twitter's marketing and sales departments. Prior to the announcement, Twitter maintained three sales channels, including a direct sales organization, a mid-market sales organization and a small and medium-sized business organization. "We're essentially taking our first two channels and condensing them down together so we end up with just two channels [in total]," said Twitter COO Adam Bain during the company's earnings call.
In October 2015, the company cut 8 percent of its workforce, or about 336 individuals, according to Recode.
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