Twitter Inc. shares rose 3% in premarket trade Tuesday after the company announced the approval of a restructuring plan that would cut up to 336 employees, or 8% of Twitter’s global workforce. With the job cuts, Twitter expects its revenue and adjusted EBITDA for the third quarter to be in line or above the estimated range of $545 million to $560 million for revenue and $110 million to $115 million for EBITDA. The reduction of employees could result in $10 million to $20 million of cash expenditures, mostly due to severance. The restructuring is estimated to cost the company $5 million to $15 million, which Twitter expects to recognize in the quarter ending Dec. 31, 2015. The restructuring was made to focus on the company’s top products and become more efficient, according to the SEC filing. “We feel strongly that Engineering will move much faster with a smaller and nimbler team, while remaining the biggest percentage of our workforce. And the rest of the organization will be streamlined in parallel,” CEO Jack Dorsey wrote in an email to employees.
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