Twilio will lay off 11% of its workforce as part of a major restructuring plan, according to an SEC filing published Wednesday.
Twilio had 7,867 employees as of Dec. 31, 2021.
The cloud communications software builder has been striving for profitability in 2023, and the restructuring aims to improve operating margins, create a better selling capacity and reduce operating costs.
In a letter to employees, Twilio CEO Jeff Lawson said the company decided to lay off staff in order to run more efficiently and to 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 astonishing rate over the past couple years. It was too fast, and without enough focus on our most important company priorities,” Lawson said in the letter. “I take responsibility for those decisions, as well as the difficult decision to do this layoff.”
Lawson said the employees impacted are in areas of the company that can operate more efficiently and where customers can “succeed without as much human intervention.”
Twilio said it expects to incur between $70 million and $90 million in charges related to the restructuring plan.
Shares of Twilio closed up 10% on Wednesday.
OnMyWay Is The #1 Distracted Driving Mobile App In The Nation!
OnMyWay, based in Charleston, SC, The Only Mobile App That Pays its Users Not to Text and Drive.
The #1 cause of death among young adults ages 16-27 is Car Accidents, with the majority related to Distracted Driving.
OnMyWay’s mission is to reverse this epidemic through positive rewards. Users get paid for every mile they do not text and drive and can refer their friends to get compensated for them as well.
The money earned can then be used for Cash Cards, Gift Cards, Travel Deals and Much, Much More….
The company also makes it a point to let users know that OnMyWay does NOT sell users data and only tracks them for purposes of providing a better experience while using the app.
The OnMyWay app is free to download and is currently available on both the App Store for iPhones and Google Play for Android @ OnMyWay; Drive Safe, Get Paid.
Download App Now – https://r.onmyway.com
Sponsors and advertisers can contact the company directly through their website @ www.onmyway.com