Twilio Inc. (TWLO) - Get Report declined 3.9% to $110.80 on Wednesday after fourth-quarter revenue topped analysts' estimates but earnings fell flat and it issued a weak profit outlook for the first quarter.

The cloud communications company reported revenue of $204.3 million in the quarter, a year-over-year increase of 77%. It had previously guided for total revenue between $183 million and $185 million.

Twilio reported adjusted earnings of 4 cents a share, while analysts polled by FactSet had been expecting earnings of between 3 cents and 10 cents a share.

The company, which builds communication-as-a-service APIs and other tools, said it expects adjusted first-quarter earnings at break-even to 1 cent a share, below forecasts that called for 2 cents. Twilio said it expects revenue in the quarter of between $222 million and $225 million, higher than estimates of $192 million.

The company's fourth quarter continued a trend of strong revenue growth at Twilio: Its total revenue for full-year 2018 was $650.1 million, up 63% from the previous year. Among the critiques of Twilio's stock, however, is that its revenue is too reliant on certain marquee customers like Uber, which at one point made up 20% of its revenue. 

In an interview on Tuesday with Real Money, TheStreet's premium site for active investors, Twilio CEO Jeff Lawson and Chief Operating Officer George Hu discussed Twilio's recent progress in breaking out of a tech and app-heavy customer base. ""We've talked a lot about engaging new customers and diversifying our customer base .. we now have customers like E*Trade (ETFC) - Get Report, U-Haul and more," Hu said.

Bullish analysts point to Twilio's positioning in the growing cloud services market as a predictor of future growth in the stock. For the March quarter, Twilio guided for total revenue between $222 million and $225 million. For the full year 2019, it guided for revenue between $1.065 billion and $1.077 billion, and non-GAAP net income per share between $.08 and $.11.

"They're really the foundation that are enabling real time communication between both the business, customers, and clients," said Action Alerts PLUS portfolio analyst Jeff Marks on a call with investors in January.