Twilio Inc. (NASDAQ: TWLO) reported higher earnings for the third quarter of 2020, contrary to expectations for a loss. The bottom-line benefitted from a 52% growth in revenues, which also topped the Street view. The company’s stock dropped on Monday evening, immediately after the announcement.
The cloud communications platform reported adjusted earnings of $0.04 per share for the September-quarter, compared to $0.03 per share in the same period of last year. Analysts had forecast a loss for the latest quarter. On a reported basis, it was a net loss of $116.9 million or $0.79 per share, compared to last year’s loss of $87.7 million or $0.64 per share.
Read management/analysts’ comments on Twilio’s Q3 results
Third-quarter revenues climbed 52% annually to $447 million and surpassed the market’s projection. During the three-month period, the number of active customer accounts rose 21% year-over-year to more than 208,000.
Twilio’s stock declined during Monday’s extended trading, after closing the regular session lower.