Twitter is looking to reduce its headcount across the board. The company is expected to announce that it would lay off up to 300 employees soon, accounting for nearly 8 percent of its workforce.

The social media site laid off a similar percentage of its workers last year as well. The company is scheduled to announce its third-quarter financial results on Thursday.

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Twitter is going through multiple crises at the moment. Apart from its stagnating user base, the company is also struggling to find a suitable bidder for its business.  The layoffs are likely to help Twitter to rationalize its costs and control its losses. Twitter had 3,860 employees around the globe in June this year.

According to Bloomberg, the number of people expected to be laid off is not rigid and may change later. It is likely that the announcement may be made along with Twitter's earnings on Thursday.

Earlier this month, Twitter had expressed its willingness to conclude an acquisition deal before the reporting date for its third quarter earnings. However, this seems profoundly unlikely to happen as the date draws near. 

Twitter rescheduled its earnings announcement in order conflict with other internet companies announcing their results as well. The company is expected to announce its EPS at $0.09, down from $0.10 in the corresponding quarter last year. However, its revenue is expected to be at $603.8 million, up from $569 million last year. With its market capitalization of over $12 billion and its weak financial numbers, Twitter is considered to be expensive by potential bidders.