Twilio to lay off 5% of its workforce in third round of job cuts as tech layoffs top 250,000

Twilio is laying off about 5%, or 295, of its total workforce by the first quarter of 2024 in a strategic move toward achieving profitable growth. The news comes just ten months after the Cloud communications platform laid off 17% of its staff and closed some offices.

The Cloud communications platform said it expects to incur about $25 million to $35 million in the last three months of this year, Reuters reported.

In September 2022, Twilio laid off 11% of its total workforce as part of a major restructuring plan, according to an SEC filing published Wednesday. The company had 7,867 employees as of Dec. 31, 2021.

Twilio is the latest in a series of tech companies to announce staff cuts. In recent months, tech companies, crypto exchanges, financial firms, and banks have reduced their headcount and slowed hiring as global economic growth weakens due to looming recession, inflation, higher interest rates, the energy crisis in Europe, and the ongoing war in Ukraine.

According to Layoffs.FYI, a site that tracks tech layoffs using data compiled from public reports, more than 1,141 tech companies have laid off 253,629 workers so far this year.

Founded in 2008 by Jeff Lawson, Evan Cooke, and John Wolthuis, Twilio is an enterprise cloud communications platform that empowers developers to seamlessly incorporate messaging, voice, and various communication services into their applications.