Twilio taps insider Shipchandler as CEO, expects revenue to exceed forecast

Twilio

08/01/2024 16:37

Jan 8 (Reuters) - Twilio  TWLO.N  said on Monday it has
appointed insider Khozema Shipchandler as the new CEO and
expects its fourth-quarter revenue to be above the top-end of
its earlier forecast range, sending the cloud communications
firm's shares up about 7%.
    Shipchandler, who had joined the company as finance chief in
2018 and was most recently president at Twilio Communications,
succeeds Jeff Lawson.
    The resignation of Lawson, who has spent more than 15 years
with the firm, did not result from any disagreement with the
company, it said.
    Shares of the San Francisco, California-based firm, launched
in 2008, had gained about 55% in 2023.
    Twilio, which makes products that help developers build
communication features, is seeing its demand hold up amid
growing adoption of cloud communication solutions.
    The company last month said it would lay off about 5% of its
total workforce by the first quarter of 2024 in a bid to turn
profitable.
    Twilio had earlier forecast revenue for the quarter ended
Dec. 31 to be between $1.03 billion and $1.04 billion.
    It also expects adjusted income from operations for the
fourth quarter and for the fiscal 2023 to be above the top-end
of its prior forecast ranges.
    The company is scheduled to release its fourth-quarter and
full-year results on Feb. 14 after markets close.
     

 (Reporting by Jaspreet Singh in Bengaluru; Editing by Shilpi
Majumdar)
 ((Jaspreet.Singh@thomsonreuters.com; https://twitter.com/i_jass;))