(Reuters) - Twilio (NYSE:TWLO) said on Monday it has appointed insider Khozema Shipchandler as the new CEO and expects its fourth-quarter revenue to be above the top-end of its earlier forecast range, sending the cloud communications firm's shares up about 7%.
Shipchandler, who had joined the company as finance chief in 2018 and was most recently president at Twilio Communications, succeeds Jeff Lawson.
The resignation of Lawson, who has spent more than 15 years with the firm, did not result from any disagreement with the company, it said.
Shares of the San Francisco, California-based firm, launched in 2008, had gained about 55% in 2023.
Twilio, which makes products that help developers build communication features, is seeing its demand hold up amid growing adoption of cloud communication solutions.
The company last month said it would lay off about 5% of its total workforce by the first quarter of 2024 in a bid to turn profitable.
Twilio had earlier forecast revenue for the quarter ended Dec. 31 to be between $1.03 billion and $1.04 billion.
It also expects adjusted income from operations for the fourth quarter and for the fiscal 2023 to be above the top-end of its prior forecast ranges.
The company is scheduled to release its fourth-quarter and full-year results on Feb. 14 after markets close.