Twilio (TWLO) earnings Q1 2020

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Jeff Lawson

Abigail Stevenson | CNBC

Twilio shares were up as much as 21% in extended trading on Wednesday after the company reported first-quarter results and quarterly guidance that surpassed analysts’ estimates. The company’s shares were approaching the $149.95 record close from July 2019.

The company reported:

  • Earnings: 6 cents per share, adjusted
  • Revenue: $364.9 million

Revenue grew 57% on an annualized basis, down from 62% growth in the prior quarter.

Analysts surveyed by Refinitiv had expected a loss of 11 cents per share on an adjusted basis and $331.25 million in revenue. However, comparisons are not straightforward given the unpredictable effect of the coronavirus pandemic and lockdowns.

For the second quarter, Twilio’s forecast called for a loss of 11 cents to 8 cents per share on an adjusted basis, and $367 million to $370 million in revenue. Analysts polled by Refinitiv had been looking for an adjusted loss of 13 cents per share on $336.9 million in revenue.

“We delivered strong first quarter revenue growth of 57% year-over-year, as customers across industries turned to Twilio’s customer engagement platform to accelerate their digital transformation efforts,” Twilio CEO Jeff Lawson was quoted as saying in the statement. “Our platform provides three things the world needs right now: digital engagement, software agility and cloud scale.”

Twilio withdrew its full-year guidance as the company given uncertainty with coronavirus cases continuing to mount.

Notwithstanding the after-hours move, Twilio shares were up about 25% since the beginning of the year.

Twilio executives will discuss the company’s results with analysts on a conference call scheduled for 5 p.m. Eastern time. 

WATCH: Cramer’s lightning round: I’m worried about Twilio

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