Twitter said it would lay off up to 336 employees, equivalent to about 8 per cent of its global workforce, as part of an overall plan to streamline operations.

The layoffs come about a week after the microblogging service provider appointed its co-founder Jack Dorsey its permanent chief executive.

Twitter shares rose 2.3 per cent to $29.41 in premarket trading on Tuesday.

Twitter said it expected to incur about $10 million-$20 million in severance costs and $5 million-$15 million in restructuring costs. The company said it expected to record most of these pretax restructuring charges in the quarter ended December 31st.

Twitter 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. The company will report its third-quarter results on October 27th after the market closes.

Reuters