Twilio to lay off 11% of workforce

Jeff Lawson, co-founder and chief executive officer of Twilio Inc., center, rings the opening bell on the floor of the New York Stock Exchange in New York, Sept.17, 2018.

According to an SEC filing, Twilio will lay off 9% of its workforce.

There were 7,866 employees at the end of the year.

The restructuring plan of the cloud communications software builder is to improve operating margins, create a better selling capacity and reduce operating costs.

The company laid off staff in order to run more efficiently and align its investments with its priorities, according to a letter from the CEO. The decision was difficult but necessary.

Twilio has grown at an amazing rate over the last couple years. It was too fast and without enough focus on our priorities. I take responsibility for the decisions that were made.

There are areas of the company where customers cancceed without as much human intervention.

The charges are related to the restructuing plan.

The company's shares were up 1% on Wednesday.