Twitter will lay off 9% of its workforce

Twitter reported its third-quarter 2016 financial results on Thursday. Amid continued sluggish user growth (just a 3% increase over last year), Twitter announced it would lay off 9% of its total workforce, or about 350 people, in order to cut costs.

Twitter’s total monthly active users grew slightly to 317 million, with 67 million of those users in the U.S. The vast majority (83%) of total users were mobile.

Twitter reported slight increases in the amount of time users spent on the service daily and in the total number of tweet impressions. The company attributed these gains to product improvements, including updates to the timeline to show relevant tweets first and improved push notifications.

In a shareholder letter, the company teased more product changes to come:

And finally, we will make Tweeting easier and more meaningful by providing more context and letting people not only broadcast to the world but also have deeper, open conversations about the topics they care about. Expect to see more experimentation in this area soon.

CEO Jack Dorsey began a morning call with investors by noting that he would not comment on recent reports that Twitter would soon be sold.