San Francisco-based Twilio reported a first-quarter loss of $206.5 million, or $1.24 a share, vs. $94.8 million, or 68 cents a share, a year ago. On an adjusted basis, the company earned 5 cents a share, better than the 10-cent loss forecast by analysts polled by FactSet.
Revenue came in at $590 million, up 62% from $364.8 million a year earlier and well above analysts' forecasts of $533.4 million.
Twilio shares were down 3.8% to $323 in after-hours trading on Wednesday. The stock was down 1.9% during the day's trading.
Twilio’s dollar-based net expansion rate -- a metric the company and its followers track closely to measure growth from existing customers -- came in at 133% in the first quarter, vs. 139% in the fourth quarter and 135% in the year-earlier period.
Twilio said it had more than 235,000 active customer accounts as of March 31, compared to 190,000 active customer accounts as of March 31, 2020.
“We delivered another quarter of outstanding growth in Q1, as companies across industries and around the world continue to turn to Twilio’s customer engagement platform to drive their digital transformation,” co-founder and CEO Jeff Lawson said in a statement.
“Over the last year, one thing has become extremely clear: we are in the midst of a massive shift in the way companies engage with their customers that is driving a generational opportunity for Twilio," Lawson added.
Twilio's software customers include Uber, Lyft, Instacart, DoorDash, Grubhub and Postmates. Twilio said it now has 235,000 active customer accounts, up from 190,000 at the end of the first quarter of 2020.
TheStreet founder Jim Cramer noted before Twilio's earnings that the stock has been "erratic," because "...secular growth stories are out of style in the Wall Street fashion show right now.”
“If you like them, I recommend buying some before the quarter and some after to be sure you get the best basis,” Cramer said.