Shares of Twilio (NYSE: TWLO), a company that provides cloud-based communication tools and services for developers, surged on Thursday. The stock shot up as much as 20.7%. As of 2:10 p.m. ET, the stock was up 18.3%.

The tech stock's gain follows the company's fourth-quarter earnings report, which included better-than-expected revenue and adjusted earnings per share. In addition, the company's announcement of a 17% reduction to its workforce and a $1 billion share repurchase program are likely encouraging Wall Street as well.

Twilio said its fiscal fourth-quarter revenue rose 22% year over year to $1.02 billion. This beat analysts' average forecast for revenue of $1 billion. In addition, the company's non-GAAP (generally accepted accounting principles) earnings per share swung from a loss of $0.20 in the year-ago quarter to a profit of $0.22. Analysts were expecting an adjusted loss per share of $0.09.

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Source Fool.com