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In a filing Wednesday, Twilio (NYSE:TWLO) said it plans to cut its workforce by nearly 11% in a restructuring effort.
The cloud communications platform said the restructuring plan is designed to reduce operating costs, improve operating margins, and shift the company’s selling capacity to accelerate software sales.
As a result of the restructuring plan, Twilio expects it will incur approximately $70 million to $90 million in charges, consisting of cash expenditures for employee transition, notice period and severance payments, employee benefits, and related facilitation costs as well as non-cash expenditures related to the vesting of share-based awards.
Of this amount, $55 million to $70 million is expected to result in future cash outlays, with the majority of the restructuring charges incurred in the third quarter of 2022.
