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.