Twilio Inc. TWLO,
announced on Thursday afternoon that it expects to sell $ 1 billion in new shares after its shares rose to record levels following a strong earnings ratio. Shares fell 2.5% in trading after the program, after a 7.7% increase in the regular session, to a record close of $ 443.49. The San Francisco-based software company reported Wednesday afternoon that revenue rose 65 percent in the fourth quarter to more than $ 500 million over three months. Twilio went public in 2016 at $ 15 a share, valuing the company at about $ 1.2 billion; Twilio’s market capitalization exceeded $ 65 billion on Thursday. The company did not announce a share price, but said it could sell for up to $ 150 million more than its $ 1 billion target.