10:02 AM EST, 03/05/2024 (MT Newswires) -- Twilio ( TWLO ) said Tuesday that an operational review of its Segment business concluded that retaining it and making it profitable represents the "best opportunity" to "enhance value."

The company said a sale of the business was among the alternatives looked into during the review that was conducted in consideration of Segment's recent underperformance.

"Segment's path to break-even non-GAAP income from operations by Q2 2025 and non-GAAP operating profitability thereafter, ultimately is expected to create the most value for shareholders compared to all alternatives considered," Twilio ( TWLO ) said.

Meanwhile, the company said its board authorized an additional $2 billion share-buyback program that expires Dec. 31.

Including the roughly $200 million of repurchases left in the initial program, the company said it is targeting about $2.2 billion of buybacks until the end of this year.

Twilio ( TWLO ) shares were down 4.9% in recent trading.

Price: 57.35, Change: -2.88, Percent Change: -4.85