Twilio slips as Baird says checks more positive on CCaaS than UCaaS
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Twilio (NYSE:TWLO) shares slipped more than 3% on Wednesday as investment firm Baird conducted an industry check on the cloud communication software sector which showed more positivity surrounding contact center as-a-service than unified communications as-a-service.
Analyst William Power, who has a neutral rating on Twilio (TWLO), noted that the survey, which included more than 150 responses, showed longer sales cycles for CCaaS and UCaaS, but growth for CCaaS was "solid" while UCaaS came in below expectations. 
"Though not shocking given growing macro questions, partners' UCaaS growth expectations declined markedly from recent surveys," Power wrote in a note to clients.
Power also noted that among those in the UCaaS space, RingCentral (RNG) has the largest presence, but Zoom (ZM) and Microsoft (MSFT) continued to gain share. Power also noted that 8x8 (EGHT) "continues to lead in direct routing, though growth comments were more muted."
With regards to the contact center as-a-service, or CCaaS, market, the outlook remains "solid" despite growing worries about the global economy.
"Partners contend that [Five9] (FIVN) continues to be a share taker, with FIVN, NICE (NICE) and privately held Genesys continuing to dominate at the high end," Power added.
Twilio (TWLO) shares gained on Tuesday as investment firm Piper Sandler said the company has seen better trends that would imply a revenue beat.