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Cloud communications platform Twilio Inc said on Monday it will lay off about 5%, or 295, of its total workforce by the first quarter of 2024 to achieve profitable growth.
The company expects to incur about $25 million to $35 million associated with the restructuring in the last three months of 2023.
Tech companies have begun reducing their workforce again after a round of layoffs in the beginning of the year, with announcements coming from Spotify to Microsoft-owned LinkedIn.
Earlier this year, Twilio cut 17% of its staff and closed some of its offices.
The San Francisco-based cloud service provider also reaffirmed its guidance for the fourth quarter and fiscal year ending December 31, 2023.
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