Twilio Stock Is Tanking Today: What's Going On?

Twilio Inc TWLO shares are trading lower Wednesday after the company reported first-quarter results and issued weak top-line guidance. Several analysts also slashed price targets following the print. 

Q1 Earnings: Twilio said first-quarter revenue increased 15% year-over-year to $1.1 billion, which beat consensus estimates of $1 billion, according to Benzinga Pro. The company reported quarterly earnings of 47 cents per share, which beat estimates of 21 cents per share.

Twilio said it had more than 300,000 active customer accounts as of March 31, up from 268,000 year-over-year. 

The company announced a $1 billion buyback in February. Twilio said it has already completed approximately 25% of the buyback. 

"The operational and organizational changes we initiated in the first quarter are beginning to yield results — enabling our teams to execute with focus and the company to deliver an accelerated path to meaningful profitability," said Jeff Lawson, co-founder and CEO of Twilio.

Outlook: Twilio expects second-quarter revenue to be in the range of $980 million to $990 million versus estimates of $1.05 billion. The company expects second-quarter earnings to be between 27 cents and 31 cents per share versus estimates of 29 cents per share.

See Also: Roblox Stock Is Tumbling: What's Going On?

Analyst Changes:

• Piper Sandler analyst James Fish maintained Twilio with an Overweight and lowered the price target from $83 to $56.
• Bernstein analyst Peter Weed maintained Twilio with a Market Perform and lowered the price target from $77 to $58.
• Morgan Stanley analyst Meta Marshall maintained Twilio with an Overweight and lowered the price target from $82 to $65.
• Needham analyst Ryan Koontz maintained Twilio with a Buy and lowered the price target from $88 to $65.

TWLO Price Action: Twilio shares were down 18.4% at $45.68 at time of publication, according to Benzinga Pro.

Photo: Web Summit from Twilio.