NEW YORK (TheStreet) -- Twitter (TWTR) - Get Twitter, Inc. Report could reduce its workforce by about 8% following the social network's failed attempt to sell itself, Bloomberg reported late yesterday.
The decision to lay off about 300 people could be announced ahead of Twitter's third-quarter earnings report, which was recently rescheduled to before Thursday's market open. The report was originally due after the market close on Thursday.
Analysts surveyed by FactSet are looking for adjusted earnings of 9 cents per share and $604 million in sales for the quarter. For the year-ago period, Twitter reported adjusted earnings of 10 cents per share on revenue of $569 million.
Shares have tumbled about 40% during the past 12 months amid concerns about slowing growth. Twitter recently hired bankers to explore a sale, but companies that reportedly included Salesforce.com (CRM), Walt Disney Co. (DIS), Alphabet (GOOGL) and Microsoft (MSFT) ultimately decided against making an offer.
Twitter stock was largely flat in pre-market trading on Tuesday after closing at $18.03 on Monday.
Separately, TheStreet Ratings team rates the stock as a "hold" with a ratings score of C.
Twitter's strengths such as its impressive record of earnings per share growth, robust revenue growth and good cash flow from operations are countered by the fact that the stock has had a generally disappointing performance in the past year.
You can view the full analysis from the report here: TWTR
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.