Twilio to sell $ 1 billion of fresh stocks after profits send stocks to record high

Twilio Inc. TWLO,
+ 7.73%
announced Thursday afternoon that it plans to sell $ 1 billion in fresh stocks, after its stock hit record highs following a strong earnings report. Shares fell 2.5% after-hours trading, after peaking 7.7% in regular session to a record close of $ 443.49. The San Francisco-based software company reported Wednesday afternoon that revenue jumped 65% in the fourth quarter, topping $ 500 million in the three-month period. Twilio went public in 2016 at $ 15 a share, valuing the company at around $ 1.2 billion; Twilio’s market cap topped $ 65 billion for the first time on Thursday. The company did not announce a price for the shares, but said it could sell up to $ 150 million more than its target of $ 1 billion.