The new owner of Dutch file transfer service WeTransfer is planning to cut “up to 75%” of the workforce, the Financieele Dagblad reported on Saturday.

In total, some 260 jobs will go, company sources told the paper and staff were given the shock news at the company’s Amsterdam operations on Friday. WeTransfer has a workforce of 350 people.

Italian firm Bending Spoons took over the company a month ago and financial details were not disclosed. WeTransfer booked turnover of €132 million last year but net profit fell 60% to just under €11 million.

Bending Spoons chief executive Luca Ferrari is reported to have said the company will function better if it is “smaller and more focused”.

WeTransfer claims to have some 80 million active users and 600,000 subscribers. Around half its income comes from advertising, the rest from paid services.