Twilio to cut about 5% of total workforce

Twilio layoffs news: Cloud communications platform Twilio Inc said on Monday it will lay off about 5 per cent, 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 (SPOT.N) to Microsoft-owned (MSFT.O) LinkedIn.

Earlier this year, Twilio cut 17 per cent 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.