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Shares of Twilio Inc. TWLO closed down 34.61% at $42.74 on Friday after the company issued Q4 revenue guidance below consensus estimates.
What Happened?
While the company reported better-than-expected third-quarter EPS and revenues, fourth-quarter revenue guidance of $995 million to $1.005 billion came in shy of the $1.07 billion consensus estimate.
The guidance spurred multiple price target cuts from sell-side analysts, which further pressured the COVID-19 pandemic era runner that surged amid the work-from-home boom of 2020.
What Else?
The broader software sector has fallen this year amid concerns over slowing growth and Fed rate hikes, which could have an impact on growth sectors. Other software companies under pressure on Friday following quarterly earnings included Atlassian Corp TEAM and Cloudflare Inc NET.
Photo: Vladimka production via Shutterstock
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Image and article originally from www.benzinga.com. Read the original article here.