Twitter reportedly plans to cut jobs

Twitter Inc., having failed to find a buyer, is planning to fire about 8 percent of its workforce as the struggling social media company prepares to go it alone.

Twitter may eliminate about 300 jobs, the same percentage it did last year when co-founder Jack Dorsey took over as chief executive officer, according to people familiar with the matter.

An announcement about the job reductions might come before Twitter releases third-quarter earnings on Thursday, one of the people said.

The company recently hired bankers to explore a sale, but the companies that had expressed interest in bidding — Salesforce, Disney and Alphabet — later backed out from the process.

The job cuts suggest Twitter isn’t in a position to beat analysts’ estimates for results in the third quarter or its outlook for the fourth, Loop Capital analyst Blake Harper wrote in a note to clients.