Twitter, Snapchat announce layoffs

Twitter cutting 8 percent of global workforce
Twitter cutting 8 percent of global workforce
Cramer: Twitter should go higher
Cramer: Twitter should go higher
Twitter cuts workforce
Twitter cuts workforce

Twitter and Snapchat said Tuesday they were reducing their workforce.

Twitter said it will reduce its workforce by 336 jobs, or about 8 percent of its global workforce. Snapchat is laying off its Snap Channel team, which consists of 15 employees, according to Variety.

Shares of Twitter company were higher in the premarket.

"We are doing this with the utmost respect for each and every person. Twitter will go to great lengths to take care of each individual by providing generous exit packages and help finding a new job," Twitter CEO Jack Dorsey said in a letter.

"This isn't easy. But it is right. The world needs a strong Twitter, and this is another step to get there," he said.

Jack Dorsey, CEO of Twitter.
Twitter is planning company-wide layoffs

Last week, reports surfaced that Dorsey was planning company-wide layoffs at Twitter that could affect all departments. Dorsey had been named permanent CEO on Oct. 5.

According to Re/code, the downsizing came at a time when the company is restructuring its engineering organization to make it more efficient. The cuts could therefore affect mostly engineers, per the report.

As of the second quarter of this year, Twitter disclosed that it had 4,100 employees. "In June Dorsey told Re/code that the company needed to do a better job of "clarifying ownership" around projects, and he restructured Twitter's product team in August to do just that," the report noted.

(Disclosure: CNBC's parent NBC Universal is an investor in Re/code's parent Revere Digital, and the companies have a content-sharing arrangement.)