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.