Cloud communications platform Twilio Inc said on Monday it will lay off about 5%, or 295, of its total workforce by the first quarter of 2024 to achieve profitable growth.

The company expects to incur about $25 million to $35 million associated with the restructuring in the last three months of 2023.

Tech companies have begun reducing their workforce again after a round of layoffs in the beginning of the year, with announcements coming from Spotify to Microsoft-owned LinkedIn.

Earlier this year, Twilio cut 17% of its staff and closed some of its offices.

The San Francisco-based cloud service provider also reaffirmed its guidance for the fourth quarter and fiscal year ending December 31, 2023.

  - Reuters