Why Twilio (TWLO) Shares Are Trading Higher Today - Twilio (NYSE:TWLO)

Twilio Inc TWLO prepared to slash its staff by nearly 11% to reduce operating costs and increase operating margins.
Twilio looks to incur $70 million - $90 million in charges over its restructuring plan, which includes staff layoffs, with the majority in the third quarter of 2022.
CEO Jeff Lawson said the company decided to lay off staff to run more efficiently and to align the company's investments with its priorities.
Lawson said the employees impacted are in areas of the company that can operate more efficiently and where customers can "succeed without as much human intervention."
Twilio shares plunged in August after issuing third-quarter guidance below estimates. The company has reaffirmed its Q3 guidance.
For Q3, Twilio expects to report a net loss of between 43 cents and 37 cents on revenues of between $965 million and $975 million.
The company's outlook also prompted several analysts to downgrade and slash price targets on the stock.
In August, Twilio hackers compromised over 130 organizations during their hacking spree that netted the credentials of nearly 10,000 employees.
Twilio's recent network intrusion aided the hackers in accessing the data of 125 Twilio customers and companies after tricking employees into handing over their corporate login credentials and two-factor codes.
Recently, Snap Inc SNAP also shared plans to trim 20% of its workforce to beat the economic slowdown and Apple Inc's AAPL privacy update.
Tech giants like Alphabet Inc GOOG GOOGL Google, and Meta Platforms Inc (NASDAQ: META) warned employees to improve performance to retain jobs.
Price Action: TWLO shares traded higher by 4.42% at $74.03 on the last check Wednesday.
Photo via Wikimedia Commons

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Twilio Joins Other Tech Firms, To Axe 11% Of Its Workforce, Reaffirms Q3 Outlook

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