Jeff Lawson, co-founder and main government officer of Twilio Inc., middle, rings the opening bell on the flooring of the New York Inventory Exchange in New York, Sept.17, 2018.
Michael Nagle | Bloomberg | Getty Pictures
Twilio will lay off 11% of its workforce as element of a significant restructuring program, according to an SEC filing revealed on Wednesday.
Twilio experienced 7,867 workers as of Dec. 31, 2021.
The cloud communications software program builder has been striving for profitability in 2023, and the restructuring prepare aims to enhance working margins, develop a improved selling capacity and decrease working prices.
In a letter to workforce, Twilio CEO Jeff Lawson mentioned the enterprise decided to lay off personnel in get to operate additional proficiently and to align the firm’s investments with its priorities. He claimed the choice was “very challenging,” but also “intelligent and needed.”
“Twilio has grown at an astonishing amount about the previous few decades. It was as well speedy, and with out sufficient aim on our most crucial company priorities,” Lawson said in the letter. “I consider accountability for all those selections, as effectively as the challenging final decision to do this layoff.”
Lawson mentioned the personnel impacted are in places of the business that can operate a lot more proficiently and in which shoppers can “thrive without as much human intervention.”
Twilio reported it expects to incur among $70 million and $90 million in expenses linked to the restructuing prepare.
Shares of Twilio had been up about 1% on Wednesday early morning.