Cloud communications platform Twilio Inc. announced on Monday that it will lay off 295 employees, or approximately 5% of its whole staff, by the first quarter of 2024.
The company disclosed that this is in a move to achieve profitable growth,
The reorganization is expected to cost the corporation between $25 and $35 million in the final three months of 2023.
Following a wave of layoffs at the beginning of the year, tech businesses have started to reduce staff once more. LinkedIn, owned by Microsoft, and Spotify have both made announcements about this.
Twilio closed several of its operations and laid off 17% of its employees earlier this year.
Additionally, the cloud service company based in San Francisco reiterated its projections for the fourth quarter and the fiscal year that ends on December 31, 2023.
