Twitter has announced that it will be closing its video sharing service Vine, as the crisis at the company deepens amid financial turmoil.

“Since 2013, millions of people have turned to Vine to laugh at loops and see creativity unfold. Today, we are sharing the news that in the coming months we’ll be discontinuing the mobile app,” the company wrote in a blog post.

Although Twitter did not provide a reason for the decision, it comes at a time when the company is struggling, with the announcement this week that it would cut 9% of its workforce.

The Vine service was acquired by Twitter in 2012 for $30 million, and has since operated as a separate service, allowing users to share six second clips which were most popularly used for humorous purposes. At its peak, the platform had over 200 million monthly users.

However, the service has since struggled to compete against the likes of Instagram and Snapchat, who now dominate the video sharing market.

Twitter claims that the service will not be affected in the near future, adding that users will “be able to access and download your Vines” for the time being.

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