Twitter will have big layoffs next week

Twitter is preparing for company-wide layoffs next week, according to a report in Recode, citing anonymous sources.

The struggling Internet company is expected to cut staff across virtually all departments, Recode reports, though it said the exact number of layoffs was not clear.

The layoffs would come just about a week after Twitter cofounder Jack Dorsey was appointed permanent CEO promising big changes for the company.

Twitter had 4,100 employees at the end of June. Twitter’s engineering ranks, which make up roughly half the company’s staff according to Recode, will likely be impacted.

Dorsey, who has served as interim CEO since June, has been vocal about the need to shake things up at the company, as user growth and engagement has stalled and the company’s stock has been battered.

During Twitter’s second quarter conference call in June, Dorsey called the performance “unacceptable,” and said he would “ensure more disciplined execution,” among other things.

Twitter’s ranks have already seen significant changes in recent months, with a number of executives and staffers heading for the exits.

Earlier on Friday, Glenn Brown, who oversaw Twitter’s video ad efforts announced he was leaving Twitter to join Betaworks, just a day after Twitter held a splashy event in New York to showcase its new video ad features.

A Twitter spokesperson declined to comment.

NOW WATCH: This Excel trick will save you time and impress your boss

NOW WATCH: Tech Insider videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.