Investing.com - Twilio Inc (NYSE:TWLO) managed to top third quarter earnings expectations despite losing some of its business with Uber Technologies as the company managed to attract new customers.
Twilio, the provider of a Cloud Communications Platform, total revenue grew 49% year-over-year, reaching $95.9 million. The company also dramatically shrunk its net loss, to 8 cents per share from 45 cents per share a year earlier.
These positive results came even as Uber has started to move some of the business it offers Twilio in-house. Uber accounted for 12% of Twilio’s revenue in the prior (second) quarter. Uber made up just 9% of Twilio’s business in the recent quarter.
Twilio was able to combat that loss by adding new customers and diversifying its business, adding the likes of Lululemon Athletica and Weight Watchers International Inc. to its customer base.
Looking to the next quarter, the company is expecting total revenue of around $92 million, a 28% year-over-year increase, while its adjusted net loss should be 8 cents per share.
Twilio's shares were up 9% in afternoon trade.