Twilio Shares Slip Over 15% after Forecasting Weak Second-Quarter Revenue

Tiger Newspress2023-05-10

Twilio shares slip over 15% after forecasting weak second-quarter revenue.

The San Francisco-based cloud service provider had benefited during the pandemic on strong demand from businesses looking to operate amid lockdowns, but its growth has inched lower as customers look to optimize cloud spending amid economic turbulences.

In February, the company said it was eliminating about 17% of its workforce and closing some offices as part of a restructuring effort to focus on profitability.

It expects second-quarter revenue in the range of $980 million to $990 million, compared with analysts' average estimate of $1.05 billion, as per Refinitiv data.

However, it reported a rise in active customer accounts, more than 300,000 in the first quarter ended March 31, 2023, compared with over 268,000 a year earlier.

It reported adjusted net income of $0.47 per share, beating analysts' average estimate of $0.21.

Revenue rose 15% to $1.01 billion.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

  • Elly cat
    2023-05-10
    Elly cat
    Great ariticle, would you like to share it?
Leave a comment
1
1