Twilio, a cloud communications platform, plans to cut its staff by nearly 11 percent as it seeks to reduce costs and enhance margins.
Twilio in August reported revenue of $943.4 million (+41 percent) and loss of $311.9 million in the second quarter of 2022.
Twilio, a leading customer engagement platform, had more than 275,000 active customer accounts as of June 30, 2022 as compared to 240,000 active customer accounts as of June 30, 2021.
Twilio today said it estimates that it will need to spend between $70 million and $90 million in charges over its restructuring plan which includes staff layoffs, with the majority to be incurred in the third quarter of 2022.
Twilio, which in August forecast a bigger-than-expected loss for its third quarter, hired aggressively during the pandemic with employee count rising to 7,867 by end 2021 from 4,629 as of Dec. 31, 2020.
Twilio had faced a cyber attack last month that compromised data of about 163 customers. The US-based tech company, which has notified the affected people, has not disclosed any financial impact of the breach.