On Wednesday, cloud communications platform Twilio’s stock surged as high as 34 percent in intraday trading, bringing its market cap up over $9 billion.
The surge comes the morning after the company reported a big beat on its quarterly earnings: Twilio reported revenue of $168.9 million, well ahead of Wall Street’s expectations of $150.5 million.
Twilio also posted earnings of 7 cents per share, versus 5 cents expected.
In the past quarter, Twilio acquired Ytica and announced it would acquire SendGrid, both of which would help expand its cloud communications platform.
Shares of Twilio, a cloud communications company headquartered in San Francisco, surged as high as 34% in intraday trading on Wednesday — the day after it reported that it beat Wall Street expectations on earnings.
During its third quarter, Twilio generated a total revenue of $168.9 million, up 68 percent from the same period of 2017. That figure far surpassed Wall Street’s expectations of $150.5 million. That means earnings of 7 cents per share, beating the consensus figure of 5 cents.
“We’re thrilled to report yet another strong quarter for revenue growth, product innovation, and customer success in Q3,” Jeff Lawson, Twilio’s Co-Founder and Chief Executive Officer, said in a statement.
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Source:: Businessinsider – Technology