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The Twitter logo appears at the post where it trades, on the floor of the New York Stock Exchange, Friday, June 17, 2016. (AP Photo/Richard Drew)

It's official. Twitter is cutting 9 percent of its workforce globally.

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UPDATE: Twitter confirmed it's laying off roughly 350 employees.

The company in a tweet via @TwitterIR said it's aiming for profitability in 2017.

Here's what we know so far:

Twitter on Thursday released its 3rd quarter earnings report.

The report revealed revenue growth has slowed and the company is still losing money.

The company tweeted out that it is hopeful the restructuring will help to "fund our highest priorities, eliminate investment in non-core areas & drive greater efficiency."

Twitter, valued at around $20 billion, 

Although Twitter earned $616 million in revenue, it reported only a small amount user growth.

Twitter is reportedly planning another round of layoffs that could leave about 300 people without jobs.

That's about 8 percent of the company's entire workforce, Forbes reports. This will likely be announced before Twitter reveals its quarterly earnings on Thursday morning. 

It's not clear if this will affect Periscope, Twitter's hugely popular live video streaming app.

Jack Dorsey.jpg
FILE - In this Thursday, Nov. 19, 2015, file photo, Square CEO Jack Dorsey is interviewed on the floor of the New York Stock Exchange. Twitter is taking the smartphone shackles off its live-video service Periscope as part of the struggling company’s attempt to broaden its audience. The Periscope Producer feature announced Thursday, Oct. 13, 2016, will allow media companies and other users to pipe live video feeds directly into Twitter, without using a smartphone to record the images. The Periscope extension ups the ante on Twitter CEO Jack Dorsey’s bet that the increasing popularity of online video will help widen the short-messaging service’s appeal. (AP Photo/Richard Drew, File)

This sounds familiar

When Twitter co-founder Jack Dorsey rejoined the company as CEO in 2011 after being forced out in2008, he also laid off 8 percent of the employees at the time. 

What's Twitter's problem lately?

Twitter has struggled to bring in new users and innovate without leaving its old fans behind. It has managed to secure big deals like live-streaming Thursday Night Football, MLB and NHL games, but that hasn't turned into big money -- yet. 

There have been rumors that Twitter will be bought out by a larger company. Rumored buyers include Google, Disney, Salesforce and Verizon. 

Of course this got political.

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