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The cloud-based communications platform reported adjusted earnings per share of $ 0.01 and revenue of $ 740 million, beating analysts’ estimates which included an adjusted loss of $ 0.15 and revenue of $ 681 million. of dollars.
Those gains were overshadowed by weak earnings forecasts in the fourth quarter and the announcement of George Hu’s departure as COO. Khozema Shipchandler will assume the role while retaining the role of CFO.
The San Francisco-based company, which allows app developers to add features like voice and text messaging to their products, forecast a fourth-quarter loss of 23 cents per share to 26 cents per share, from a expected loss of 8 cents.
JMP analysts maintained their price target of $ 510 on the company’s stock, noting that despite Hu’s departure, they “continue to love this company.” JMP cited CEO Jeff Lawson’s leadership, the company’s mission, and the estimated $ 79 billion addressable market as some of the reasons.