Communication software company Twilio is on the verge of firing 11% of its staff, according to a filing it submitted to the SEC.
CNBC says that the company had a total of 7,867 people in its employ as of December 2021. Thus, it makes it about 860 staff, soon to be ‘former employees’.
Twilio is working towards hitting profitability by 2023 and it is doing everything possible to meet its expectations. Some of its moves include making operating margins and selling capacity better, as well as reducing overall operating costs.
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Twilio CEO Jeff Lawson sent a letter to employees stating that the move to reduce staff strength was difficult but necessary to meet with its goals.
“Twilio has grown at an astonishing rate over the past couple years. It was too fast, and without enough focus on our most important company priorities. I take responsibility for those decisions, as well as the difficult decision to do this layoff,” he said.
There is no detail on the specific area where the staff affected worked but Lawson did mention that they are in a sector that won’t be affected without human intervention.
Following the news, Twilio’s shares went up by 10% at the end of the day trades. The company further revealed that its restructuring plans could cost it between $70 million and $90 million.
Of course, this is the latest of the tech layoffs that we are reporting in 2022.
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