Twitter CEO Jack Dorsey says 'a smaller and nimbler team' would be better for the platform

Twitter lays off eight per cent of workforce

Twitter has announced is it cutting 8 per cent of its workforce, amounting to 336 jobs.

Jack Dorsey, co-founder and recently-appointed CEO of Twitter, said the move was "part of an overall plan to organise around top product priorities".

The social networking site has recently been struggling with low share prices and competition with Facebook, which has more than 1.4 billion active users compared with Twitter's 300 million.

The company is reportedly working on a new product that will allow users to write tweets longer than the current 140-character limit in an attempt to compete with Facebook, which does not have any limitations.

Dorsey said that a smaller team would allow the business to move ‘much faster’ and allow for streamlining of the organisation.

"We have made an extremely tough decision: we plan to part ways with up to 336 people from across the company,” he said. “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 by providing generous exit packages and help finding a new job."

The previous chief executive Dick Costolo resigned earlier this year amid poor financial results and a slowing in the number of new and active users taking to the site. He also said that many users struggled to understand its core concept.

Share prices rose 2.3 per cent following the announcement but still remain down more than 20 per cent overall this year.

Mr Dorsey, who only returned as permanent CEO last week, added: "We are moving forward with a restructuring of our workforce so we can put our company on a stronger path to grow. We are now enabled to reinvest in our most impactful priorities."

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