Twitter has announced it is cutting 336 jobs, roughly 8% of its global workforce, as part of a restructuring of the business.
The job cuts will cost between $10 million and $20 million in severance pay, while the restructuring will cost between $5 million and $15 million, Twitter said.
Twitter shares rose 2% in pre-market trading following the announcement.
The move comes just days after Twitter co-founder Jack Dorsey was confirmed as the company’s permanent CEO.
Dick Costolo, who was Twitter CEO from 2010 to 2015, had been under pressure from investors unhappy with the company’s user growth.
In a letter to Twitter employees, Jack Dorsey wrote: “We have made an extremely tough decision – we plan to part ways with up to 336 people from across the company.
“We are doing this with the utmost respect for each and every person.
“Twitter will go to great lengths to take care of each individual in providing generous exit packages and help finding a new job.”