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Twilio to cut about 5% of total workforce

Published 12/04/2023, 09:48 AM
Updated 12/04/2023, 09:51 AM
© Reuters. FILE PHOTO: The logo of communication company Twilio is displayed at the Collision conference in Toronto, Ontario, Canada June 23, 2022. Picture taken June 23, 2022. REUTERS/Chris Helgren/File Photo
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(Reuters) - Cloud communications platform Twilio (NYSE:TWLO) Inc 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 (NYSE:SPOT) to Microsoft-owned 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.

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