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Sources: Jack Dorsey only has a few more quarters to fix things

Twitter's board is meeting Thursday at a critical moment for the company.

Revenue is tight and management is looking at options to save money, according to sources who spoke with CNBC's Julia Boorstin, who reported their comments on air on Wednesday.

Shares of Twitter fell sharply in premarket trading on Thursday. Within the first hour of trading, the stock was down more than 4.5 percent. (For the latest price, click here.)

Options to save money include more layoffs, selling ad tech company MoPub, Fabric, or even Vine, the seven-second video sharing application. These would be stunning moves, since MoPub and Fabric are key initiatives for Twitter. MoPub is the mobile ad network it bought in 2013 for $350 million. Fabric is Twitter's mobile development platform.

While the situation sounds dire, sources told CNBC that CEO Jack Dorsey's management won't be questioned at Thursday's board meeting. He's been leading the company full time for just under a year. Dorsey is expected to be given a few more quarters to execute his plan to turn the company around, sources said.

However, the meeting is likely to include discussion about whether Twitter should put itself up for sale. Twitter shares are down 27 percent on a year-over-year basis. It seems that the only thing that helps the stock is when rumors of a possible takeover bubble up.

Potential buyers could include Google, or its parent company Alphabet, Microsoft, Amazon, Salesforce, or even Apple. However, there are no bids on the table, and talk of any of these companies buying Twitter is mostly just that, talk.

Twitter had no comment on its board meeting.

CNBC's Julia Boorstin and Jay Yarow contributed to this report.