Twilio to cut about 5% of total workforce

Twilio

04/12/2023 14:43

Dec 4 (Reuters) - Cloud communications platform Twilio
Inc  TWLO.N  said on Monday it will lay off about 5%, or 295, of
its total workforce by the first quarter of 2024 to achieve
profitable growth.
    The company expects to incur about $25 million to $35
million associated with the restructuring in the last three
months of 2023. 
    Tech companies have begun reducing their workforce again
after a round of layoffs in the beginning of the year, with
announcements coming from Spotify  SPOT.N  to Microsoft-owned
 MSFT.O  LinkedIn. 
    Earlier this year, Twilio cut 17% of its staff and closed
some of its offices. 
    The San Francisco-based cloud service provider also
reaffirmed its guidance for the fourth quarter and fiscal year
ending December 31, 2023.
    
    

 (Reporting by Tanya Jain in Bengaluru; Editing by Krishna
Chandra Eluri)
 ((Tanya.Jain@thomsonreuters.com;))