As stated in the Twilio Q1 2023 report, the net loss per share of GAAP loss and non-GAAP loss were $1.84 and $0.47 respectively.
Cloud-based communication platform Twilio (NYSE: TWLO) has unveiled its financial results for the first quarter of 2023. The company reported a revenue of $1.01 billion in the first three months of 2023, a 15% increase from the previous year’s record. Notably, analysts expected Twilio to announce revenue of $1 billion in its fiscal reports in Q1 2023. Twilio has structured its company to operate profitably, irrespective of the business factors surrounding its operations. The communication company’s non-GAAP operating revenue has proven its ability to adapt to tough financial terraces.
According to Jeff Lawson, Twilio’s co-founder, and CEO, the company managed to deliver awesome results despite its tough macro backup. He explained that the operational and organizational changes in the first quarter of 2023 contributed to the quarterly revenue. Lawson also said the Twilio teams are empowered to execute with focus and deliver an accelerated path to profitability.
Against last year’s reports of $217.8 million, Twilio announced a GAAP loss of $264.1 million for the first quarter of 2023. The increased GAAP loss from operation in Q1 2023 included a $121.9 million loss due to severance and other restructural expenses and a $21.8 million related to lease impairment charges arising from office shutdown. Twilio’s non-GAAP income from operations soared to reach $103.8 million in Q1 2023, an appreciable spike from $5.0 million announced in Q1 2022. Twilio made a gross profit of $490.7 million in the year’s first three months.
Twilio Q1 2023 Reports: Key Financial Metrics
As stated in the Twilio Q1 2023 report, the net loss per share of GAAP loss and non-GAAP loss were $1.84 and $0.47 respectively. For the first three months of the year, Twilio had more than 300,000 active customer accounts, about 32,000 more than last year’s metric. Though the calculation of the Dollar-Based Net Expansion Rate does not directly affect the fiscal reports, it is pertinent to note that Dollar-Based Net Expansion Rate reduced from 2022’s 127% to 106% in Q1 2023. The total number of employees working in Twilio as of March 31, 2023, was 6,766.
Twilio launched a share repurchase program in February to purchase about $1.0 billion of its outstanding Class A common stock. The share repurchase program is expected to expire on December 31, 2024. Considering the legal requirements, price, and economic market conditions, Twilio plans to buy up to $500 million in the first six months of the program. Currently, Twilio has repurchased 25% of the total buyback target. In the same month, Twilio’s CEO said it would be parting with 17% of its employees.
After the financial reports, Twilio shares spiked by 0.42%, gaining $0.23 from the previous closing price of $54.86. The company has lost $6.86 per share in the past 12 months.
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