Jeff Lawson, chief government officer of Twilio Inc., through the Singapore FinTech Pageant in Singapore, on Friday, Nov. 17, 2023.
Lionel Ng | Bloomberg | Getty Photos
Software program supplier Twilio stated Monday it could lay off roughly 5% of its workforce, or round 400 workers, citing underachievement within the progress of a unit that activist traders have focused.
Shares of Twilio have been flat on the information.
Based on a letter from CEO Jeff Lawson connected to a regulatory submitting, the cuts are a part of a broader plan to streamline Twilio’s choices. The corporate can also be sunsetting its Programmable Video product as a part of the plan.
The cuts will strike deepest in Twilio’s Information & Purposes unit, the identical unit that activist traders at Legion Companions and Anson Funds are pushing Twilio CEO Jeff Lawson to divest. Legion Companions declined to remark.
“Final 12 months, we made the choice to speculate, forward of progress, in go-to-market for Phase,” Lawson stated in a letter to workers, referring to a Twilio providing that’s a part of its information & purposes group. “Sadly, that guess hasn’t led to the expansion final result we might hoped for.”
Twilio lower 17% of its workforce, or about 15% of its workers, in February.
This can be a growing story. Please examine again for updates.
