Twitter job cuts: Nearly one in 10 roles to go worldwide

Hundreds of jobs are to go at social media group Twitter (Xetra: A1W6XZ - news) after it said it will cut around 9% of its nearly 4,000-strong workforce.

The San Francisco-based company has been losing money amid competition from the likes of Facebook (NasdaqGS: FB - news) , Snapchat and Instagram.

Twitter, which will axe about 350 of its 3,860 jobs worldwide, has been unable to find a buyer.

Salesforce, the last big name reported to have been interested in acquiring Twitter, said on Wednesday it had dropped out of the deal after investors voiced their concerns.

Now (NYSE: DNOW - news) , chief executive Jack Dorsey has revealed the micro-blogging site will spend between $10m (£8.1m) and $20m (£16.3m) on restructuring.

And he said the company was making the "necessary changes" to ensure it was prepared for long-term growth.

"We see a significant opportunity to increase growth as we continue to improve the core service.

"We have a clear plan, and we're making the necessary changes to ensure Twitter is positioned for long-term growth.

"The key drivers of future revenue growth are trending positive, and we remain confident in Twitter's future."

He made the announcement as the firm revealed revenues in the third quarter were up 8% on last year at $616m (£502m) for the three months to the end of September last year.

The firm made a net loss of £102m (£83m) for the same period which was an improvement on last year's loss of $132m (£108m) for the period.

Twitter has increased its audience by 15 million monthly users since the end of 2014, bringing its reach in June to 313 million people.

In contrast, Facebook pulled in 319 million users to reach 1.7 billion people.

Twitter is planning to concentrate on live video, aiming to be the "go-to" place for real-time opinions.