Twilio Shares Stumble as Investors Fear a Demand Slowdown

Twilio Inc. shares fell the most in more than nine months on Friday after the maker of customer communication and marketing software gave a forecast for the current quarter that fell just short of estimates, signaling concerns that companies may pull back spending for business tools amid an uncertain economy.

Revenue will increase about 31% to $970 million in the period ending in September, the company said Thursday in a statement. Analysts, on average, estimated $975.6 million. Twilio projected a loss, excluding some items, of as much as 43 cents a share, compared with analysts’ estimate of a loss of 11 cents, according to data compiled by Bloomberg.