Twitter will cut 336 employees, or 8% of its global workforce, as part of a restructuring plan. "The restructuring is part of an overall plan to organize around the company’s top product priorities and drive efficiencies throughout the company," Twitter said in a securities filing. "The company intends to reinvest savings in its most important priorities to drive growth."

Twitter estimated it would incur about $10 million to $20 million of cash expenditures, substantially all of which would be severance costs.

In a letter to employees titled "A More Focused Twitter," Twitter Chief Executive Jack Dorsey said the company "made an extremely tough decision."

He said the product and engineering teams would make the most significant structural changes, adding that "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."

Despite the product launches and revenue increase, the microblogging company remained dogged by slow user growth and poor engagement.

In the same quarter, Twitter’s average monthly active users, a key growth metric, totaled 304 million core users, up only 2 million from the first quarter.