Shares of Twilio (NYSE:TWLO) lost over 12% in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2023. Earnings per share came in at $0.47, which beat analysts’ consensus estimate of $0.21 per share. Sales increased by 14.2% year-over-year, with revenue hitting $1 billion. This was in line with analyst expectations.
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As of March 31, 2023, Twilio was up to over 300,000 active customer accounts. That’s up substantially from the 268,000 seen at the same time in 2022. However, its dollar-based net expansion rate declined. It was up 106% in 2023’s first quarter. But back in 2022’s first quarter, it was up 127%.
Management offered some forward projections, looking for revenue of between $980 million and $990 million in the second quarter. That fell short of analyst projections looking for $1.05 billion. Meanwhile, earnings per share were projected at $0.27 to $0.31, in line with analyst consensus figures of $0.29 per share.
Overall, Wall Street has a consensus price target of $84.43 on Twilio, implying 50.77% upside potential, as indicated by the graphic above.