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)
