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Twitter Layoffs Reverberate in San Francisco — Tech Roundup

SAN FRANCISCO (TheStreet) -- This city's booming tech industry just hit the pause button.

Twitter (TWTR - Get Report) , a company that has become known for its unbridled growth -- 4,100 employees in nearly three dozen offices -- on Tuesday announced it would cut up to 336 jobs, mostly in its engineering and product teams, representing about 8% of its workforce. Since it was founded nine years ago, the San Francisco-based micro-blogging site has lost nearly $2 billion, the Associated Press reported.

Investors applauded the move, but without rousing acclaim. Twitter stock rose Tuesday by 1.1%, closing at $29.06.

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