As stated in Twilio’s Q1 2023 report, GAAP loss and non-GAAP loss per share were $1.84 and $0.47, respectively.
Cloud-based communications platform Twilio (NYSE: TWLO) has Unveiled Its financial results for the first quarter of 2023. The company reports revenue of $1.01 billion in the first three months of 2023, up 15% from last year’s record. Specifically, analysts expected Twilio to announce revenue of $1 billion in its Q1 2023 financial report. Twilio has structured its company to operate profitably, regardless of the business factors surrounding its operations. The communications company’s non-GAAP operating revenue has proven its ability to adapt to tough financial times.
According to Twilio co-founder and CEO Jeff Lawson, the company managed to deliver great results despite its tough macro backup. He explained that operational and organizational changes contributed to the quarterly revenue in the first quarter of 2023. Lawson also said that Twilio teams are empowered to execute with focus and provide an accelerated path to profitability.
Twilio announced a GAAP loss of $264.1 million for the first quarter of 2023, compared to last year’s reported $217.8 million. The increased GAAP loss from operations in Q1 2023 includes a $121.9 million loss due to severance and other restructuring expenses and a $21.8 million loss. Lease impairment charges arising from office closure. Twilio’s non-GAAP income from operations is projected to reach $103.8 million in the first quarter of 2023, up significantly from the $5.0 million announced in the first quarter of 2022. Twilio made a gross profit of $490.7 million in the first three months of the year.
Twilio Q1 2023 Report: Key Financial Metrics
As stated in Twilio’s Q1 2023 report, GAAP loss and non-GAAP loss per share were $1.84 and $0.47, respectively. For the first three months of the year, Twilio had more than 300,000 active customer accounts, up nearly 32,000 from last year’s metric. While the dollar-based net expansion rate calculation does not directly impact the fiscal report, it is pertinent to note that the dollar-based net expansion rate declined from 127% in Q1 2022 to 106% in Q1 2023. The total number of employees working in Twilio as of March 31, 2023 was 6,766.
Twilio initiated a share repurchase program in February to buy back approximately $1.0 billion of its outstanding Class A common stock. The share repurchase program is expected to end on December 31, 2024. Twilio plans to buy up to $500 million in the first six months of the program, taking into account legal requirements, pricing and economic market conditions. Currently, Twilio has repurchased 25% of the total buyback target. In the same month, Twilio’s CEO said it would part ways with 17% of its employees.
Following the financial reports, Twilio shares rose 0.42%, gaining $0.23 from the previous closing price of $54.86. The company has lost $6.86 per share over the past 12 months.
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