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.

As of 12:39 p.m. ET, the stock was up 11.2%.

In a regulatory filing, management said it had approved a restructuring plan that would reduce costs, improve operating margins, and accelerate software sales. The 11% reduction in its workforce is the principal cost-cutting measure the company is taking. 

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Source Fool.com