Twilio Inc. (NYSE:TWLO) shares closed more than 17% lower on Thursday following the company’s reported Q3 results, with revenue/EPS of $740.2 million/$0.01, beating the Street estimates of $680.2 million/($0.15). Much of the upside came from Zipwhip and higher A2P fees. Excluding these, core revenue growth decelerated to 38% and is expected to remain around 30% in Q4.

Analysts at Oppenheimer provided their view on the company following the results. They believe the major COVID-19 tailwinds are now normalizing, while management pointed to strong demand across all product areas and little competitive pressures. According to the analysts, the company faces a tough comp in Q4, which is likely to keep pressure on organic growth and the stock. The company’s organic growth and net expansion decelerated during Q3, and the analysts expect the trend to continue into the next quarter.