Twitter reportedly planning to cut hundreds of jobs

Twitter is planning to cut hundreds of jobs, with an announcement possibly coming as soon as this week ahead of its third-quarter financial results, Bloomberg reported Monday.

The financially troubled company is planning to eliminate about 300 jobs, or 8 percent of its workforce, unidentified people described as familiar with the matter told the media outlet. It's roughly the same number of jobs cut a year ago after Twitter CEO Jack Dorsey returned to the social media company's helm.

Twitter representatives declined to comment on the report.

The report comes as Twitter struggles to expand its user base, unable to keep up with the growth of the massive fan bases of competitors such as Facebook, Instagram and Snapchat creator Snap. As a result, the company's stock has lost 40 percent of its value in the past 12 months.

Rumors have been swirling for weeks that several companies, including Google, Salesforce, Disney and Apple, were interested in buying the financially troubled social network. While all of those companies have reportedly bowed out, layoffs could help Twitter lighten the load and make itself more affordable to potential suitors.

The social network has reportedly told potential buyers it wants to wrap up negotiations on a sale by October 27, when it announces its third-quarter earnings.