After just a week back on the job, Twitter CEO Jack Dorsey is making his presence felt in a big way, announcing plans to cut up to 8 percent of the workforce at the money-losing messaging company.
The cuts, some 336 of them, were approved by Twitter's board on Monday, as part of what the company calls "an overall plan to organize around the company's top product priorities and drive efficiencies."
In corporate speak, that means: "We need to get our act together before too many more investors lose patience with us."
The Wall Street Journal reported that the cuts were "a long time coming. For years there had been internal debates about the need to pare hiring at Twitter as bloated staff levels slowed progress."
In other words, Twitter has a growth problem: It has some 316 million active monthly users but hasn't yet taken off with the broader audience of Internet users.