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Twilio Inc (NYSE:TWLO) easily beat second-quarter expectations with a 55.4 percent surge in revenues, sending the stock up more than 12 percent in pre-market trading.
Twilio, a cloud communications platform that lets software developers make and receive phone calls, shook off the loss of some business from Uber Technologies Inc.
Baird Reiterates Outperform Rating
“Uber is expected to exert increased pressure in Q3 before moderating thereafter. While mindful of competitive risks, we remain positive on the communications cloud growth opportunity along with Twilio's positioning and reiterate our Outperform rating,” Baird analyst William V. Power said in a note.
Q2 base revenue of $87.6 million beat Baird’s $82.1 million estimate and grew 55.4 percent from the year-ago quarter.
“Excluding Uber, base revenue grew 65% YOY. With 2,735 new accounts added in the quarter, raising the total to 43,431, we expect continued strong growth outside of Uber. Notable new customers included Lululemon Athletica inc. (NASDAQ:LULU), Weight Watchers International, Inc. (NYSE:WTW), Pinterest, Reddit and many more.”
“Q2 Uber revenue of roughly $8.6 million, or 9% of total revenue, was in line with our forecast, though TWLO expects a steeper sequential decline in Q3. The good news is that it believes it has visibility on a moderating decline in Q4 based on recently lowered pricing.”
Related Link: Twilio’s New ‘Unexpected Relationship’ With Uber
Twilio closed at $30.53 Monday and was up $34.25, a gain of more than 12 percent, in after-hours trading. Baird raised the company’s price target to $39 from $35 and projected full-year base revenue of $340 million–$343 million.
The bears were out in force after Uber moved some of its computer operations in-house.
At time of publication, shares of Twilio were up 12.74 percent at $34.42.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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