Jeff Lawson, co-founder and CEO of Twilio Inc. , center, the opening bell rings on the floor of the New York Stock Exchange in New York, September 17, 2018.
Michael Nagel | Bloomberg | Getty Images
Twilio shares fell more than 14% Thursday despite beating third-quarter earnings expectations, after the company shared a poor fourth-quarter outlook and its chief operating officer announced his departure.
The cloud communications platform reported adjusted earnings of $0.01 per share on revenue of $740 million, beating analyst estimates that included an adjusted loss of $0.15 and revenue of $681 million.
Those gains were dented by weak fourth-quarter earnings expectations and news that George Ho is leaving the role of COO. Khozema Shipchandler will assume the role while maintaining the duties of Chief Financial Officer.
The San Francisco-based company, which allows app developers to add features like voice and text messaging to their products, forecast a fourth-quarter loss of 23 cents per share to 26 cents per share compared to an expected loss of 8 cents.
Analysts at JMP maintained their $510 target price for the company’s stock, noting that despite Hu’s departure, they “continue to like this business.” JMP cited CEO Jeff Lawson’s leadership, the company’s mission, and an estimated market of $79 billion, as some of those reasons.