Twilio Inc, a cloud-based customer engagement company, announced its first-quarter financial results after the bell. The company reported a 4% year-over-year revenue increase to $1.05 billion, exceeding the consensus estimate of $1.03 billion. Additionally, Twilio's quarterly earnings of 80 cents per share exceeded analyst expectations of 60 cents per share. The breakdown of revenue revealed that communications revenue reached $972 million, up 4% year-over-year, while segment revenue totaled $75 million, showing a 2% increase.
The CEO of Twilio, Khozema Shipchandler, expressed satisfaction with the company's financial discipline, operational rigor, and innovation focus, noting that the first-quarter results demonstrate progress on profitability and free cash flow generation. As of March 31, Twilio reported an increase in active customer accounts to more than 313,000 from the previous year's 300,000. Looking ahead, the company plans to focus on driving further leverage and strategic investments to re-accelerate growth over time.
Moreover, Twilio's board authorized a significant buyback program amounting to $1 billion in February and subsequently added $2 billion to the program in March. The company disclosed that $1.5 billion worth of shares have already been repurchased, with plans to complete the remaining $1.5 billion repurchases by the end of 2024. In terms of outlook, Twilio anticipates second-quarter revenue to fall within the range of $1.05 billion to $1.06 billion, with adjusted earnings projected to be between 64 cents and 68 cents per share. Additionally, Twilio expects a 5% to 10% revenue growth for the full year of 2024. The management of Twilio is scheduled to hold a conference call at 5 p.m. ET to discuss these quarterly results and future strategies.
Following the release of the financial results, Twilio shares experienced a 5.98% decline in after-hours trading, reaching $59.58 at the time of reporting. The company's stock performance reflects the market's initial reaction to the disclosed quarterly figures and guidance for the upcoming periods.