Rocky Outlook Underscores our Very High Uncertainty Rating for Twilio; Lowering FVE to $28
Twilio’s solid first-quarter results were overshadowed by management’s tepid outlook, due in large part to a “changing relationship†with Uber, the firm’s largest customer. While Uber is remaining a customer, the company is altering portions of its communications strategies, leading to lower total data throughput on Twilio’s platform. We have noted that this level of customer concentration significantly heightens the risk profile for Twilio shares, and we are maintaining our very high uncertaint...Twilio provides a cloud communications platform that enables developers to build, scale and operate communications within their software applications via the company's Application Programming Interfaces (APIs). The company's platform consists of three layers: Engagement Cloud, which provides functionality for a specific purpose, such as two-factor authentication or a contact center; Programmable Communications Cloud, which provides a range of products that enables developers to embed voice, messaging and video capabilities into their applications; and Super Network, which contains a set of API's giving the company's customers access to components of its platform.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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