Twitter Inc. is planning widespread job cuts, to be announced as soon as this week, according to people familiar with the matter. According to reports, the company is planning a big round of layoffs that could affect up to 8 percent of its staff, or 300 people.

Planning for the cuts is still fluid and the number could change, they added. The people asked not to be identified talking about private company plans. The layoffs come as the money-losing social networking company continues to struggle to grow its audience and its business, and as plans to sell the company appear to have foundered.

The job cuts could be announced this week, perhaps before its third-quarter earnings report which will be released before the market opens on Thursday, Bloomberg said. Twitter has been losing money for quite sometime and hence this is being seen as one of the measures undertaken by the company to control spending as sales growth slows.

Twitter CEO Jack Dorsey is increasingly under the gun. The Twitter cofounder is doing double duty as CEO of mobile payment company Square as well as Twitter, raising criticisms that the 39-year old tech entrepreneur is not able to devote sufficient time and energy to turning Twitter around.

Since taking over as Twitter CEO last year, Dorsey has already initiated one round of job cuts. But he has been unable to grow Twitter’s audience, which stalled at around 300 million users, even as larger companies like Facebook continue to amass millions of new users.

Twitter has put itself on the auction block, but so far, no one seems to want it. Salesforce CEO Marc Benioff, who had deal talks with Twitter, said that he was forced to walk away from the deal table after his shareholders protested.