Twilio's stock is on fire again, surging by more than 20%

Twilio, the tech company that had a blockbuster IPO last week, is on fire again.

Shares of the company, which makes communications software, are up 21% in mid-day trading, at $33 — a new high.

The broader market is enjoying a bounce-back on Tuesday, after the massive sell-off triggered by the “Brexit” vote last week. But Twilio’s pop is much bigger than the Nasdaq Composite’s 60 point increase, which is about 1.3%.

And Twilio’s gains on Tuesday far exceeded its lost ground, about 5%, over the past couple of days.

There’s no immediate news about Twilio’s business. On Monday, CNBC “Mad Money” host Jim Cramer endorsed the company, calling it a “unicorn with real value,” and noting that the market “may be willing to pay up for growth again.”

NOW WATCH: This scientist thinks Elon Musk is wrong about the threat of artificial intelligence

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.