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Oct 28, 2016 09:50 AM EDT

Twitter Cutting Hundreds of Jobs to Revamp the Company

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Twitter, having struggles in reviving its flat line growth, said that it is planning to cut about 8% of its workforce and that is equivalent to more or less 350 jobs, in order to make the company more profitable.

Because the company has not been gaining revenue, it has been trying to control spending, thus the plan about the job reduction. The announcement about cutting down on their workforce was made when Twitter released their reports on their third quarter earnings, Thursday.

The company had their reported smallest revenue at the end of the second quarter, which was last June and that made them decide to go it alone for the time being. According to the struggling social media company, the plan of slimming down workforce is not yet final and that the numbers could still change.

They also recently hired bankers to explore potential sales, but the companies that had indicated their interest in bidding such as Salesforce, Disney and Alphabet decided to back out. At the same time, the company is also starting to take away businesses that it does not consider helpful, like for example the mobile application the Vine which is used to post a six second video on Twitter. It was effective for most of the young users when it was starting but failed to gain substantial profit for the company in the long run.

The company's goal is to gain traction when it comes to profitability and they plan to make it happen as soon as next year. "We see a significant opportunity to increase growth as we continue to improve the core service," Jack Dorsey, the chief executive of Twitter, said in a statement. "We have a clear plan, and we're making the necessary changes to ensure Twitter is positioned for long-term growth."

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