Daily Crunch: Twilio CEO: Laying off 11% of company’s workforce is 'wise and nec...
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Laying off 11% of company’s workforce is 'wise and necessary'
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Daily Crunch: Twilio CEO: Laying off 11% of company’s workforce is 'wise and necessary'
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The TechCrunch Top 3
Shedding event: Twilio announced it was laying off 11% of its workforce. CEO Jeff Lawson said the layoffs were “wise and necessary” for the company as it walked the path to profitability. Kyle has more.
Biting into the Apple iPhone 14: It’s rare that we get a Panzer story, so we were delighted to see it do so well. Perhaps you Daily Crunch fans were also excited to see his name grace a story, or because you were eager to hear a review about the iPhone 14. Don’t worry, if it is the latter, we won’t tell.
This "island" is not tropical: iPhone fanatics may have doubted the usefulness of “the notch” on the iPhone X, but Ivan writes that the new “Dynamic Island” feature for iPhone 14 is anything but.
Startups and VC
Somehow, ’twas the season for audio companies raising money, as we have a stereo pair of stories today: Romain reports that high-end speaker manufacturer Devialet raised $50 million, and Brian and Haje report that Nomono, maker of the $3,000 podcast mic array, raised $3.6 million.
Things come in pairs in the transportation industry as well, it appears. Rebecca reports that TruckSmarter comes out of stealth with a free load board for truckers, and Kyle has a story that Nyshex loads $25 million into its bank account to match shippers with ocean carriers.
In non-sound and non-shipping startup news:
Motley FoolWhy Twilio Stock Was Climbing Today
Shares of Twilio (NYSE: TWLO) were gaining today after the cloud-based communications software company said it was laying off 11% of its workforce to rightsize the company and drive profitability. In a regulatory filing, management said it had approved a restructuring plan that would reduce costs, improve operating margins, and accelerate software sales. Twilio said the layoffs would result in $70 million to $90 million in charges, primarily in the third quarter, though it didn't offer a cost-savings number associated with the layoffs.
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Barrons.comTwilio to Lay Off 11% of Employees, Sees Up to $90 Million of Charges
The cuts are part of a broader restructuring plan designed to “reduce operating costs, improve operating margins, and shift the company’s selling capacity to accelerate software sales,” Twilio (ticker: TWLO ) said in a filing to the Securities and Exchange Commission. The company began notifying affected employees on Wednesday, but potential position eliminations may extend the process beyond the fourth quarter of 2022 depending on local laws and requirements, Twilio said.
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ReutersUPDATE 2-Twilio to cut staff by 11% to rein in costs, lift margins
Twilio Inc said on Wednesday it plans to cut its staff by nearly 11% as the cloud communications platform joins other tech companies in reducing costs and shoring up margins amid a slide in demand for cloud services. Twilio had hired aggressively during the pandemic to cater to booming demand for cloud service providers from businesses looking to operate amid lockdowns.
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