Twilio lays off 5% of employees in unit activists want to divest
Publishing timestamp: 2023-12-04 11:30:10
Summary
Twilio is laying off around 5% of its staff, primarily in its Data & Applications business. The company has been targeted by activist investors who are pushing for divestiture of that business or a sale of the entire company. Twilio expects to incur restructuring charges and is streamlining its offerings, including sunsetting its Programmable Video product. This is the third round of layoffs for Twilio in just over a year. The activist investors, Legion Partners and Anson Funds, have also called for management changes. Twilio's share price has not performed well in 2021.
Sentiment: NEGATIVE
Tickers: TWLO,
Keywords: enterprise, twilio inc, internet, business, business news, technology, labor economy, breaking news: technology, breaking news,
Source: https://www.cnbc.com/2023/12/04/twilio-layoffs-company-to-cut-5percent-of-employees.html