Twitter is cutting 9% of its workforce - about 350 jobs - after reporting a sharp slowdown in revenue growth.
In the three months to September, revenues rose 8% to $616m. That was better than forecast, but lower than the 20% rise in the previous quarter.
The number of average monthly active users rose 3% to 317 million.
Last month, Twitter hired bankers ahead of a possible sale, but bids from potential suitors such as Google and Salesforce failed to materialise.
Shares in Twitter fell 7% earlier this month after Salesforce - considered to be the most likely bidder - said it had walked away from talks.
On Thursday afternoon Twitter said it would close the Vine video sharing service, which it bought four years ago, but gave no reason for the move.
Jack Dorsey, chief executive, said he saw a "significant opportunity to increase growth" as the company improved the platform.
Live video
"We have a clear plan, and we're making the necessary changes to ensure Twitter is positioned for long-term growth," he said.
"The key drivers of future revenue growth are trending positive, and we remain confident in Twitter's future."
Twitter's user base remains less than a fifth of Facebook's and is also fewer than Instagram, the picture app that Facebook owns.
The company hopes that live video will attract more users and recently struck a high-profile deal to show National Football League games in the US on Thursday nights.
The site will also introduce "meaningful updates" next month in a bid to better protect users from abusive content - an issue that Twitter has been widely criticised about