I first wrote about Twilio in this blog in January 2020. Since then, Twilio’s stock price is up by more than 150%. Although Twilio is a big winner over that time frame, its stock price did fall by more than 17% last Thursday (28 October 2021), a day after it announced its 2021 third-quarter earnings report. With the recent dive in its price, I think Twilio’s shares are back at a valuation that could give joy to the long term shareholder. What the numbers say The headline numbers for Twilio in the recent report were actually really solid. Revenue rose 65% year-over-year to US$740 million. Organic growth, which excludes one-off revenue and revenue from recent acquisitions, was a solid 38%. On a quarter-on-quarter basis, Twilio’s core business also grew by 2.7%.  The dollar-based net expansion rate, a metric that shows how much more existing customers spent on Twilio’s core...