Twilio hits new 52-week excessive, closes up 13% a day after upping forecast
Jeff Lawson, co-founder and chief executive officer of Twilio Inc., center, rings the opening bell on the floor of the New York Stock Exchange in New York, Sept.17, 2018.
Michael Nagle | Bloomberg | Getty Images
Shares of cloud communications company Twilio closed up 13% Friday, reaching a new 52-week high and bringing the company’s market capitalization to more than $43 billion.
The move comes after Twilio said in a filing on Thursday that it anticipates more third-quarter revenue than the $401 million to $406 million range it provided in August.
Analysts polled by Refinitiv had expected $407.9 million in revenue for the third quarter. The range had implied 36% to 38% growth, which would be down from 46% in the second quarter.
During Thursday’s investor day presentation, Twilio said it expects at least 30% organic annual revenue growth in each of the next four years and a 60% to 65% adjusted gross margin over the long term.
Many cloud companies have seen gains this year as schools and companies have had to rely on online services to keep people connected during coronavirus quarantines. With Friday’s pop, Twilio shares have risen more than 192% year to date.
— CNBC’s Jordan Novet contributed to this report.