(NYSE: TWLO) investors have endured a tough time over the past year. Shares of the cloud communications specialist have dropped 29%, while the S 500 index has gained 4%. But now might be a good time to take advantage of the drop and buy this stock.

That's because Twilio is rapidly improving its bottom line, as its second-quarter 2023 results (which were released on Aug. 8) indicate. And more importantly, Twilio sees artificial intelligence (AI) as a big growth driver for its business that could help push its top-line growth into a higher gear. Let's look at Twilio's latest quarterly numbers and see how AI is likely to supercharge the stock in the long run.

Twilio's second-quarter revenue increased 10% year-over-year to $1.04 billion. However, the company's non-GAAP earnings increased at a much faster pace and jumped nearly five-fold to $0.54 per share. Analysts were expecting Twilio to report $0.29 per share in earnings on $986 million in revenue, but the robust demand for the company's offerings and its focus on lowering its cost structure helped it beat Wall Street's expectations.

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Source Fool.com