BUSINESS

Twitter Layoffs To Hit 9% Of Workforce As Social Network Fails To Find Buyer

10/27/2016 08:44 EDT | Updated 10/27/2016 08:55 EDT

NEW YORK — Twitter, seemingly unable to find a buyer and losing money, is cutting about 9 per cent of its employees worldwide.

Twitter Inc., which has struggled amid competition from the likes of Facebook, Snapchat and Instagram, said Thursday that it expects to book about $10 million to $20 million in workforce restructuring charges.

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People holding mobile phones are silhouetted against a backdrop projected with the Twitter logo in this illustration picture taken in Warsaw, Sept. 27, 2013. (Photo: Reuters/Kacper Pempel/File)

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.

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