- According to a filing, Twilio will lay off 11% of its workforce as part of a major restructuring plan.
- The plan aims to improve operating margins, create better sales efficiencies and reduce operating costs.
Twilio will lay off 11% of its workforce as part of a major restructuring plan SEC filings published Wednesday.
Twilio had 7,867 employees as of December 31, 2021.
The cloud communications software maker is striving for profitability in 2023, and the restructuring aims to improve operating margins, create better sales efficiencies, and reduce operating costs.
one in letter to employeesTwilio CEO Jeff Lawson said the company made the decision to lay off employees to run more efficiently and to align the company’s investments with its priorities. He said the decision was “extremely difficult” but also “wise and necessary”.
“Twilio has grown at an astonishing rate over the years. It was too fast, and without enough attention to our most important company priorities,” Lawson said in the letter. “I take responsibility for those decisions, as well as the difficult decision to make this layoff.”
Lawson said affected employees are in areas of the company that can work more efficiently and where customers can “succeed without human intervention.”
Twilio said it expects to spend between $70 million and $90 million in fees related to the restructuring plan.
Shares of Twilio closed up 10% on Wednesday.
Credit: www.cnbc.com /