Improved sales in markets outside North America led to a 5.2% jump in revenue for Twilio during the most-recent quarter.
A strong balance sheet, market-leading products and an impressive customer base offer justification for a stock trading at 26.7 times the company’s 2024 earnings forecast.
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TWILIO INC. (Nasdaq symbol TWLO; www.twilio.com) offers a key service to software developers who create mobile apps. Specifically, its own software is used to connect apps to essential functions elsewhere on a device, including dealing with phone calls and messaging.
The company announced back in February 2023 that it would cut a further 17% of its workforce over the following few months. This followed an 11% cut to its workforce in September 2022.
Like other technology firms, Twilio expanded rapidly as the COVID-19 pandemic spurred strong demand for its products—its headcount jumped from 3,060 in March 2020 to 8,922 in September 2022, but then declined to 8,156 at the end of 2022. It subsequently had 5,905 employees as of September 30, 2023.
The company also permanently closed some of its offices as more of its employees work remotely.
In all, Twilio expected severance payments and other charges would total between $130 million and $150 million.
Growth Stocks: All numbers rise sharply with lots of cash on hand
In the quarter ended September 30, 2023, revenue rose 5.2%, to $1.03 billion from $983.0 million. The company continues to add to its client base, with a growing emphasis on markets outside of North America; it now has 306,000 active customer accounts (up 9.3% from 280,000 a year ago).
Excluding one-time items, Twilio made $106.7 million, or $0.58 a share, in the latest quarter. That’s compared to a loss of $49.0 million, or $0.27.
The company holds a huge cash balance of $3.9 billion. Its long-term debt is just $988.6 million.
Going forward, we see the company’s outlook as positive. All in all, Twilio’s impressive customer base, leading products and high R&D (over 30% of sales) all bode well for its future success in rapidly growing markets.
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