Twilio shares drop 14% despite beating earnings estimates as COO announces departure
Summary
The cloud communications platform reported $0.01 adjusted earnings per share and revenue of $740 million, beating analyst estimates which included an adjusted loss of $0.15 and revenue of $681 million. Those gains were eclipsed by a weak fourth-quarter earnings forecast and news that George Hu will depart as COO. Khozema Shipchandler will take over the role while maintaining chief financial officer duties. Analysts at JMP maintained their $510 price target on the companys stock, noting that despite Hus departure they "continue to like this business." JMP cited CEO Jeff Lawsons leadership, the companys mission, and the estimated $79 billion addressable market as some of those reasons.
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industries
Telecommunications
applications
Customer Service & Support
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CPaaS
SaaS
Developer Tools
Linked Companies
Twilio Inc.
$1B+