Summary by Futu AI
Twilio reported strong financial results for Q3 2024, with revenue increasing 10% year-over-year to $1.13 billion, driven by 10% growth in Communications revenue to $1.06 billion. Net loss significantly improved to $9.7 million from $141.7 million in Q3 2023. Gross margin expanded to 51% from 50% last year, while operating expenses decreased 7% to $583.5 million.The company continued to demonstrate operational efficiency with non-GAAP operating income of $182.4 million, up from $136.4 million last year. Dollar-Based Net Expansion Rate was 105%, reflecting increased product adoption by existing customers. The company maintained strong liquidity with $584 million in cash and $2.1 billion in marketable securities as of quarter-end.Under its share repurchase programs, Twilio repurchased 10.6 million shares for $633 million during Q3, with approximately $412 million remaining available for future repurchases. The company is targeting break-even non-GAAP income from operations for its Segment business by Q2 2025 and expects the wind-down of Zipwhip's software component to impact Q4 2024 revenue growth rates.
