Shares of $9 billion cloud communications company Twilio stock soars 34 percent after reporting a huge beat on earnings
- On Wednesday, cloud communications platform Twilio's stock surged as high as 34 percent in intraday trading, bringing its market cap up over $9 billion.
- The surge comes the morning after the company reported a big beat on its quarterly earnings: Twilio reported revenue of $168.9 million, well ahead of Wall Street's expectations of $150.5 million.
- Twilio also posted earnings of 7 cents per share, versus 5 cents expected.
- In the past quarter, Twilio acquired Ytica and announced it would acquire SendGrid, both of which would help expand its cloud communications platform.
Shares of Twilio, a cloud communications company headquartered in San Francisco, surged as high as 34% in intraday trading on Wednesday - the day after it reported that it beat Wall Street expectations on earnings.
During its third quarter, Twilio generated a total revenue of $168.9 million, up 68 percent from the same period of 2017. That figure far surpassed Wall Street's expectations of $150.5 million. That means earnings of 7 cents per share, beating the consensus figure of 5 cents.
"We're thrilled to report yet another strong quarter for revenue growth, product innovation, and customer success in Q3," Jeff Lawson, Twilio's Co-Founder and Chief Executive Officer, said in a statement.
Here are the key figures from Twilio earnings:
- Revenue: $168.9 million. Wall Street expected $150.5 million.
- Earnings per share: $0.07 per share, versus $0.05 expected.
- Revenue guidance for next quarter: $183 million to $185 million
- Non-GAAP EPS for next quarter: $0.03 to $0.04.
In the past quarter, Twilio acquired Ytica, a speech-analytics startup and a long-time partner, and it signed an agreement to acquire the email API platform SendGrid in a $2 billion deal. With its acquisition of SendGrid, Twilio hopes to incorporate email into its cloud communications platform.
In addition, Twilio launched new products like Twilio Pay, an API which allows developers to securely process payments over the phone, and announced the general availability of general availability of Twilio Flex, which allows businesses to customize the platform to support their business needs.
In the past year, the number of customer accounts grew by about one-third, the company reported, and Twilio expanded its executive team this quarter to add Khozema Shipchandler as Chief Financial Officer and Nils Puhlmann as Chief Trust and Security Officer.
- SIMPLY PUT: What happened before India got Freedom@Midnight
- Here’s how much banks have increased home loan interest rates
- Avatar 2, Black Panther 2, Ant Man — Here is a complete list of Hollywood movies expected to hit Indian theaters in the next 6-7 months
- Qmin has been profitable business for IHCL from day one, says Jehangir Press
- India's foreign exchange reserves fall to $573 bn