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Twilio (NYSE: TWLO) was one of the first successful tech IPOs this year. But its stock has been on a rollercoaster ride. Its share price shot up from $15 to $71 within a very short timeframe. However, over the past few months, it has seen a downward trend.

Twilio’s Financials

Third quarter revenue was up 62% to $71.5 million driven by growth across its new product lines, including the Sync application programming interface. GAAP loss was $11.3 million compared to a loss of $8.9 million a year ago. Non-GAAP loss was $3.4 million or $0.04 versus $4.6 million or $0.07 per share a year ago. Analysts had expected a loss of $0.08 per share on revenue of $67.2 million.

About 31% of its revenues come from 10 largest customers. Two of these are variable customer accounts that account for 23% revenues and do not have long-term contracts.

What is worrying investors is that it doesn’t have a long-term contract with Facebook’s WhatsApp. In 2013, 2014, 2015, and the nine months ended September 30, 2016, WhatsApp accounted for 11%, 13%, 17%, and 10% of its revenue. WhatsApp uses its Programmable Voice products and Programmable Messaging products in its applications to verify new and existing users on its service.

While Sales and Marketing expenses increased by 25% to $15.8 million, Research and development expenses doubled over the year to $21.1 million. It ended the quarter with 34,457 active customer accounts that had at least $5 revenue compared to 23,822 active customer accounts last year. Dollar-Based Net Expansion Rate increased slightly over the year to 155%.

For the fourth quarter, it expects revenue of $72.5 million to $74.5 million and non GAAP net loss per share of $0.06 to $0.05.Analysts expect a loss of $0.06 per share on revenue of $70.5 million. For the full year 2016, it expects revenue of $268 million to $270 million and non GAAP net loss per share of $0.23 to $0.21.