Twilio Inc (NYSE:TWLO) shares tumbled 16% to $47.28 in early trading on Wednesday as the customer engagement platform forecast second-quarter sales of $980 million to $990 million, which fell short of $1.05 billion expected by analysts polled by FactSet.
After Tuesday’s close, Twilio revealed that its first-quarter 2023 revenue rose 15% year-over-year to $1.01 billion, while its adjusted earnings for the period came in at $0.47 per share.
Twilio’s total net loss in the quarter widened to $342 million, or $1.84 per share, from $222 million, or $1.23 per share, a year earlier.
Wall Street analysts anticipated the company would report adjusted earnings of $0.21 per share on revenue of $1 billion.
“We’ve structured our business with the aim of enabling Twilio to operate profitably in any financial climate and our first quarter non-GAAP income from operations is a strong signal of our ability to do so,” Twilio CEO Jeff Lawson said in a statement.
During the quarter, the company added about 10,000 active customer accounts, reaching a total of more than 300,000.
In February, Twilio announced it would buy back up to $1 billion of its stock.
Shares of Twilio have plunged more than 50% over the past 52 weeks.
Contact Sean at sean@proactiveinvestors.com