Struggling social media network Twitter has confirmed that it is making between 300 and 350 staff redundant in a bid to cut the company's financial losses.
The company revealed the news - rumoured earlier this week - as it unveiled lacklustre third quarter financial results.
In the quarter to the end of September, the company filed net losses of $103m (£83m) after advertising revenue growth slowed to just six per cent. It claimed ad revenues of $545m, data licensing and "other" revenues of $71m and total revenues of $616m.
That, though, was outstripped by costs that (including stock-based compensation) that went up by three per cent compared to the same quarter last year, to $694m. User growth rose by just three per cent, too, although the company claimed that tweet "impressions" and time spent on Twitter improved in the third quarter.
"To capture this large opportunity, and drive daily active usage across the millions of people at the top of our funnel each day, we're refining our core service in four key areas: onboarding, the home timeline, notifications and Tweeting," claimed Dorsey in a letter to shareholders.
In a bid to re-ignite advertising revenues, the company is integrating with Google's DoubleClick Campaign Manager, which now accounts for an annual run-rate of almost $75m, the company claimed.
"We've also already started the alpha of Google's DoubleClick Bid Manager buying integration with the Twitter Ads API in the first few weeks of the fourth quarter," Dorsey added.
The layoffs at Twitter come after the company pink-slipped 336 employees last year, shortly after co-founder Jack Dorsey returned as CEO of Twitter.
Attempts to sell the company foundered earlier this month when the last remaining bidder, Salesforce.com, decided against making a move for the company.
However, Twitter isn't going to be disappearing any time soon. It claims to have $3.7bn in cash (and equivalents) rolling around in various bank accounts and, despite booking net losses, claims positive cash flow of around $80m - largely in interest from its investments.
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