By Javed Baloch - viageeks.com 13/Feb/23 All images via Social Media
Twilio, a cloud communications software company, announced on Monday that it plans to cut around 1,500 jobs, or 17% of its workforce.
This happens after the company let off 11% of its staff as part of a downsizing strategy in September 2022.
CEO Jeff Lawson wrote in a blog post that the extra layoffs were made to reorganise the company in order for it to prosper and become more profitable.
“It is painful to part ways with so many talented people – but it’s necessary to get our two businesses into the right shape to succeed,” CEO stated.
The company informed that they will structure into two business units, "Twilio Data & Applications and Twilio Communications, in order to prioritize profit and streamline operations."
A quick history of Twilio's stock price shows that in March 2020, it was at $80, while in February 2021 it skyrocketed to $435, however today, as of 2023-02-13, it stands at $61.
This move is part of a broader trend among IT firms, Spotify, Google, Microsoft, Salesforce, and others to downsize staff in recent times.