Twilio Inc. TWLO,
announced Thursday afternoon that it expects to sell $ 1 billion in new stock after the stock zoomed in to record highs following a strong earnings report. Shares fell 2.5% in after-hours trading, after peaking at 7.7% during the regular session to a record close of $ 443.49. The San Francisco-based software company reported Wednesday afternoon that fourth-quarter revenue was up 65% to more than $ 500 million in a three-month period. Twilio went public in 2016 for $ 15 a share and valued the company at approximately $ 1.2 billion; Twilio’s market cap first hit $ 65 billion on Thursday. The company did not disclose a price for the stock, but it said it could sell up to $ 150 million more than its $ 1 billion target.