(Reuters) -Twilio Inc said on Wednesday it plans to cut its staff by nearly 11% as the cloud communications platform seeks to reduce costs and shore up margins.
The company estimates it will incur between $70 million and $90 million in charges over its restructuring plan which includes staff layoffs, with the majority to be incurred in the third quarter of 2022.
Twilio, which in August forecast a bigger-than-expected adjusted loss for its third quarter, hired aggressively during the pandemic with employee count rising to 7,867 by end 2021 from 4,629 as of Dec. 31, 2020
Twilio faced a cyber attack last month that compromised data of about 163 customers. The company, which has notified the affected people, has not disclosed any financial impact of the breach.
(Reporting by Tiyashi Datta and Yuvraj Malik in Bengaluru;Editing by Vinay Dwivedi)
