Twitter is killing off the video sharing app Vine in “the coming months” the company said in a statement Thursday.
“Nothing is happening to the apps, website or your Vines today,” Twitter said in a release. “We’ll be keeping the website online because we think it’s important to still be able to watch all the incredible Vines that have been made. You will be notified before we make any changes to the app or website.”
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Twitter acquired Vine in 2012 as a social media application that allows users to share short video clips.
The news comes as Twitter announced earlier Thursday morning it was laying off nine per cent its workforce worldwide.
The social media site has failed to keep pace with rivals Facebook, Snapchat and Instagram and in recent months there have been increasing rumours it would be acquired.
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Shares of Twitter, which have tumbled 27 percent in the past month as possible suitors have wandered away, rose four per cent before the opening bell Thursday.
The San Francisco-based company said it expects to take $10 million to $20 million in charges as it lays off more than 300 of its 3,860 workers.
*With files from the Associated Press