Twilio to lay off 17% staff
Cloud communications company Twilio Inc said on Monday it was eliminating about 17% roles and closing some offices as part of a restructuring effort to focus on profitability.
Technology firms have laid off thousands of workers recently as they brace for a period of lower demand, high interest rates and macro economic instability.
The move, which is the second instance of job cuts in five months, sent the company’s share up 2%.
Twilio had just under 9,000 employees as of September-end. It is not clear whether the figure includes the impact of retrenchment announced on Sept. 14.
Twilio will also reorganize the company into two units, Twilio Communications and Twilio Data and Applications.
“This is because the two parts of our business – communications and software – are at different lifecycle stages and have different operating needs,” Chief Executive Officer and co-founder Jeff Lawson said in a blog post.
Both the units will include sales, research and development, and operational resources.
Twilio’s revenue had boomed at the peak of the pandemic but the growth rate has since inched lower.
The stock, which fell over 81% last year, has, however, gained a quarter of its value this year as technology stocks staged a revival after cost-cuts across the board. Reuters
You must be logged in to post a comment Login