Twilio (TWLO) Stock Slumps After IPO Success

Twilio (TWLO) stock survived the Brexit fallout last week, but begins to drop today.
By Rachel Aldrich ,

NEW YORK (TheStreet) -- Shares of Twilio (TWLO) - Get Reportare tumbling 6.59% to $34.10 today after the company's initial public offering last week on June 23.

The stock began trading at $15 just prior to the market slump from the Brexit vote.

Despite a volatile market, the stock surged 90% on its first day in trading, reaching a high of $41.50 on June 30, before declining steadily today.

Twilio, a "unicorn" company, is a San Francisco-based startup offering cloud communications platforms. Other apps like Uber and Airbnb use Twilio's services to send text messages and make automated phone calls to consumers.

After a dry spell for tech IPOs, investors are watching Twilio's stock performance closely to see if the market is once again favorable toward them.

Despite initial market success, the company has struggled to turn a profit. Twilio, founded in 2007, recorded a loss of $35.5 million in 2015, while doubling revenue to $166.9 million last year.

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