Frontier Acquisition Corp
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Company profile

Frontier Acquisition Corp. is a blank check company. The Company is formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. The Company focuses on biotechnology sector. The Company has no operations and has not generated revenues.

Closing Price
$10.11
Day's Change
0.00 (0.00%)
Bid
--
Ask
--
B/A Size
--
Day's High
--
Day's Low
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Volume
189

Twilio's stock tumbles as quarterly loss, outlook spook investors

8:08 am ET November 4, 2022 (MarketWatch)
Print

By Jon Swartz

Shares of Twilio Inc. tumbled 22% in extended trading Thursday after the customer-engagement technology company reported mixed fiscal third-quarter results that met Wall Street analysts' forecasts, but a hefty quarterly loss and sales forecast seemed to spook investors.

"Like many companies, we are facing some short-term headwinds, but the long-term opportunity remains strong as companies continue building their customer engagement strategies, become more efficient, and aim to build better and more personalized relationships with their customers," Twilio Chief Executive Jeff Lawson said in a statement announcing the results.

Twilio (TWLO)reported a net loss of $482.3 million, or $2.63 per share, compared with a net loss of $224.1 million, or $1.26 a share, in the year-ago quarter. Adjusted earnings were a loss of 27 cents a share.

Revenue catapulted 33% to $983 million from $740.2 million a year ago.

Analysts surveyed by FactSet had expected a net loss of 39 cents a share on revenue of $974 million.

Twilio shares have cratered 75% far this year; the broader S&P 500 index has declined 22% in 2022.

Twilio forecast between $995 million and $1 billion in fourth-quarter revenue, while FactSet estimates are for $1.1 billion.

During a marathon investor-day conference call late Thursday, Twilio executives outlined measures they were taking to improve gross margins and reach profitability in 2023.

Twilio's report was preceded by a coruscating note in which B. of A. Securities analyst Michael Funk downgraded Twilio to underperform from buy, and slashed his stock-price target to $85 from $175.

"Our survey supports a more cautious view of [Twilio's] usage-based model in the short term as enterprises reduce discretionary spending or seek lower-cost alternatives," Funk wrote in a note to clients. After speaking with a number of "key" Twilio partners, Funk said it appears "competitive pricing pressure may be intensifying," with Twilio priced at a premium.

-Jon Swartz

	

(END) Dow Jones Newswires

November 04, 2022 08:08 ET (12:08 GMT)

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