Twilio to cut about 5% of total workforce

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

(Reuters) - Cloud communications platform Twilio 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 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.

(Reporting by Tanya Jain in Bengaluru; Editing by Krishna Chandra Eluri)

Follow us on our official WhatsApp channel for breaking news alerts and key updates!


Next In Tech News

Kiribati’s government not responsible for viral post, sorry
Pos Malaysia says parcel tracking delayed due to system upgrade
Tinder expands ID checks amid rise in AI scams, dating crimes
iPhone SOS alert sends California rescuers on trek through knee-deep streams
EV charging void has drivers trying new routes to power up
Meta, Alphabet pushed to enter deals with Indonesia news firms
Google co-founder Larry Page bought an island in Puerto Rico. Here’s how rich you have to be to do that
‘Amazon package late?’ Man steals delivery truck and goes on joyride, US cops say
Sergey Brin sued over deadly crash of his Fiji-bound seaplane
Elon Musk says patient moves cursor with brain implant

Others Also Read