Business

Twilio lays off 11% of its workforce


Jeff Lawson, co-founder and chief executive officer of Twilio Inc., rings the opening bell on the floor of the New York Stock Exchange in New York, September 17, 2018.

Michael Nagle | Bloomberg | beautiful pictures

Twilio will lay off 11% of its workforce as part of a major restructuring plan, according to a SEC filings published on Wednesday.

Twilio has 7,867 employees as of December 31, 2021.

Cloud communication software builder has strive to be profitable in 2023and restructuring plan to improve operating margin, create better sales capacity and reduce operating costs.

In one letter to employeeTwilio CEO Jeff Lawson said the company had decided to lay off employees to be more efficient and 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 incredible rate over the past few years. It’s been too fast and isn’t focused enough on our company’s most important priorities,” Lawson said in the letter. “I accept 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 be more productive and where customers can “succeed without much human intervention.”

Twilio said it expected to incur between $70 million and $90 million in fees related to the restructuring plan.

Shares of Twilio were up about 1% Wednesday morning.



Source link

news7f

News7F: Update the world's latest breaking news online of the day, breaking news, politics, society today, international mainstream news .Updated news 24/7: Entertainment, Sports...at the World everyday world. Hot news, images, video clips that are updated quickly and reliably

Related Articles

Back to top button