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.
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.