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Technology Stocks : Twilio -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (46)	9/14/2022 11:24:41 AM
From: Glenn Petersen	Respond to of 47

Twilio to lay off 11% of workforce Published Wed, Sep 14 20229:53 AM EDT Updated 17 Min Ago Ashley Capoot @ashleycapoot CNBC.com Key Points Twilio will lay off 11% of its workforce as part of a major restructuring plan, according to a filing. The plan will aim to improve operating margins, create a better selling capacity and reduce operating costs. 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 were up more than 5% on Wednesday morning. cnbc.com