What happened

Shares of Twilio (TWLO 1.74%), a provider of cloud-based communication tools and services for developers, jumped on Thursday. The stock rose as much as 9.2% but shares were up 7.9% as of 11:15 a.m. EDT.

The stock is likely up primarily because of bullishness in the broader market on Thursday for growth stocks like Twilio.

Arrows pointing up

Image source: Getty Images.

So what

Though the overall market has been hovering around all-time highs recently, many growth stocks are still down significantly from a growth stock-focused sell-off earlier this year. Twilio is one of these stocks. Even including today's gain, shares are still down about 20% from a high of $457.30 in February.

The stock's sharp rise on Thursday came as many other growth stocks were up several percentage points or more. Perhaps some investors believe the pullback is a good buying opportunity.

Now what

Though Twilio's stock seems to be in the doldrums recently, its underlying business is seeing impressive growth. First-quarter revenue rose 62% year over year to $590 million, blowing past a consensus analyst forecast for revenue of $533 million. The company's guidance for second-quarter revenue to be between $591 million and $601 million was similarly ahead of analysts' average view for revenue of $577 million during the period.