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Twilio stock slips on secondary offering announcement

Wallace Witkowski

Twilio Inc. shares declined in the extended session Wednesday after the cloud-computing company announced a secondary offering of its stock. Twilio shares declined 3% after hours, following a 2.8% decline to close the regular session at $129.17. The company said it will offer $750 million of its Class A stock with an option for underwriters to sell an additional $112.5 million in shares, or a total of about 6.7 million shares at Wednesday's closing price. The company has about 126 million shares outstanding. J.P. Morgan and Goldman Sachs are joint book-running managers for the offering. For the year, Twilio shares are up 45%, compared with an 11% rise in the S&P 500 index and a 20% rise in the iShares Expanded Tech-Software Sector ETF