The TC article is light on details compared to the actual call and 10-K.
Uber was 12% of total rev at the start of 2016, and 17% later on. WhatsApp was the next largest at 9% for the year. Concentration falls off from there, with the 3rd largest customer at 2%.
Twilio's initial (unamended) S-1 filing uses Uber as a customer case study [1]. They called out WhatsApp as a business risk given that they were and are a variable account (15% of their business at the time). Uber was not, potentially because they're a Base Customer Account, but as noted in in the 10-K [2]: "its usage historically has significantly exceeded the minimum revenue commitment in its contract, and it could significantly reduce its usage of our products without notice or penalty."
To me, that seems like an excelent risk profile, and no reason to sell. Uber seems to have a stench to it lately, and to be free of that large customer influncing your growth is a net positive. But stocks react in real time.
Uber was 12% of total rev at the start of 2016, and 17% later on. WhatsApp was the next largest at 9% for the year. Concentration falls off from there, with the 3rd largest customer at 2%.
Twilio's initial (unamended) S-1 filing uses Uber as a customer case study [1]. They called out WhatsApp as a business risk given that they were and are a variable account (15% of their business at the time). Uber was not, potentially because they're a Base Customer Account, but as noted in in the 10-K [2]: "its usage historically has significantly exceeded the minimum revenue commitment in its contract, and it could significantly reduce its usage of our products without notice or penalty."
[1] https://www.sec.gov/Archives/edgar/data/1447669/000104746916...
[2] https://www.sec.gov/Archives/edgar/data/1447669/000104746917...