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09.09.2020

Slack stocks plunge amid mixed quarterly results

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The company had over 130,000 paying customers in the quarter, up 30% year over year

Stocks impacted: Slack Technologies (WORK)

Slack Technologies reported second-quarter earnings and revenue that exceeded estimates while billings came in lower than expected, sending shares lower. The maker of workplace collaboration software beat on full-year guidance, however, revenue growth in the quarter came in below 50% on an annualized basis. The company reported second-quarter earnings of $0.00 on revenue of $215.9 million, beating consensus estimates for a loss of $0.03. Revenue came in at $209.08 million. The firm also reported a net loss of $73 million versus -$360 million in the year-ago quarter. Slack had over 130,000 paying customers in the quarter, up 30% year over year. Following the release, the company’s stock fell as much as 18% in extended trading on Tuesday.

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