Why Twilio Stock Soared 20% Higher This Week
Investors pushed up the share price of Twilio (NYSE: TWLO), a cloud-based communications software company, this week after the company reported fourth-quarter financial results that easily beat expectations, outpacing Wall Street's average estimates for both its top and bottom lines.
The company's stock also made gains earlier in the week after Twilio's management said that it was significantly reducing its workforce. Altogether, Twilio's shares gained 21.9% this week, according to data provided by S&P Global Market Intelligence.
Twilio said that its fourth-quarter revenue increased 22% from the year-ago quarter to $1.02 billion, which beat analysts' consensus estimate of $1 billion. Twilio CEO Jeff Lawson highlighted the company's revenue in the quarter in his prepared remarks, saying, "While there are challenges with the current environment, it's a big milestone to cross $1 billion in quarterly revenue."
Source Fool.com
