Shares of Twilio Inc. plummeted 23.5% toward a 4 1/2-year low in premarket trading Friday, after the customer communications software company reported a large third-quarter net loss and provided a downbeat fourth-quarter outlook. The stock is on track to open at the lowest price seen during regular-session hours since May 2018, and to suffer the biggest one-day drop since it lost 26.3% on May 3, 2017. Kudos to BofA Securities analyst Michael Funk, who double downgraded Twilio, warning investors to sell a day before the results were released. Even before the post-results selloff, Twilio's stock had tumbled 75.2% year to date through Thursday, while the S&P 500 had lost 22.0%.
(END) Dow Jones Newswires
November 04, 2022 08:52 ET (12:52 GMT)
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