TWLO - thoughts of 2021Q2 earning

Twilio just released 2021 Q2 earning.

Press Release:…

I did not read the transcript of earning call yet. But just from the numbers in Press Release, despite the solid revenue growth and 135% D-NRR, I had the following concerns:

First, total number of customers only grew 5k (2.13%) during the quarter. The numbers for the last 10 quarters are 240k, 235k, 221k (start including the acquisition of Segment), 208k, 200k, 190k, 179k, 172k, 162k, 155k. The QoQ growth of this metric dropped from 4-6% before to only 2.13%.

Second, the revenue from Segment was $47 million in 2021Q2 while it was $45 million in 2021Q1. So this was only $2 million sequential growth.

Third, as a lot of analysts are concerned about, Twilio’s gross margin and operation margin are both dropping. Non-GAAP operation margin was only 1%, which dropped from 2% one year ago.