Investing.com - Twitter (N:TWTR) said it would lay off up to 336 employees, or about 8% of its global workforce, as part of a plan to streamline operations.
The layoffs, mainly in the company's product and engineering functions, come about a week after the microblogging service provider appointed co-founder Jack Dorsey its permanent chief executive.
Shares of Twitter, which had about 4,100 employees globally as of June 30, rose more than 4% to $30.16 in early trade on Tuesday.
The company said it expected to incur about $10 million-$20 million in severance costs and $5 million-$15 million in restructuring charges.
The company is working to rekindle growth after its latest quarterly results in July revealed the slowest rise in monthly average users since it went public in 2013.