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Twitter (TWTR) Stock Plunges Despite Cost Cutting, Downsizing

NEW YORK (TheStreet) -- Twitter (TWTR - Get Report) shares are sliding 5.34% to $29.20 on Monday despite the social networking service's planned efforts to trim jobs and reorganize its departments, according to Re/

Starting this week, San Francisco-based Twitter is reportedly laying off staff, and the ones to be likely affected will be engineers, Re/ noted.

This action comes as the microblogging site is looking to reshuffle its employees and reorganize its engineering organization.

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Since Jack Dorsey officially took on the title as Twitter's permanent CEO, he has been planning to revamp the company and start the turnaround efforts.

"There is a huge desire for more efficiency and there's a huge opportunity to really raise the bar on our execution," Dorsey stated, according to Bloomberg.

Separately, TheStreet Ratings team rates TWITTER INC as a Sell with a ratings score of D. TheStreet Ratings Team has this to say about their recommendation:

We rate TWITTER...