11 October 2016, 21:51 GMT
NEW YORK (Sputnik) — The online news and social networking service Twitter announced in a letter to shareholders on Thursday that it would cut nearly a tenth of its workforce in order to remain competitive.
"This morning we announced a restructuring and reduction in force affecting approximately 9 percent of Twitter’s positions globally," the letter stated.
The restructuring, Twitter explained, focuses primarily on reorganizing the company’s sales, partnerships and marketing efforts.
"[The restructuring] is intended to create greater efficiency as we move toward our goal of driving toward GAAP profitability in 2017," letter added.
Twitter said it expects not to save between $10 and $20 million as a result of the measure, according to the letter.
Twitter has experienced declining profits as competitors Facebook, Instagram, Snapchat and others have been increasing their share in the global social media market.
