Written by Brenda Nakalema

Twilio To Lay Off 11% of Its Staff

Software developer Twilio (ticker: TWLO) has announced its decision to cut down roughly 11% of its staff in an effort …

Software developer Twilio (ticker: TWLO) has announced its decision to cut down roughly 11% of its staff in an effort to boost margins. This presents as the latest tech company to announce cost-cutting measures in this period.

The cuts represent a broader plan to restructure the company and “reduce operating costs, improve operating margins, and shift the company’s selling capacity to accelerate software sales,” the company said in a filing with the Securities and Exchange Commission.

Wednesday opened with affected employees receiving notifications about the move; however, potential eliminations might extend the process beyond the fourth quarter of 2022, depending on local laws and requirements. The company estimates it will face between $70 million and $90 million in charges pertaining to the restructuring plan, including severance payments and employee benefits.

This year has witnessed similar announcements from tech giants such as Microsoft (ticker: MSFT), Snap (ticker: SNAP), Netflix (ticker: NFLX), and Shopify (ticker: SHOP), which have all announced plans to cut jobs or slow down hiring.

Shares of Twilio climbed 6.2% today. The stock has lost 71% this year alone.


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