Slack revenue tops $200 million for first time, but stock tumbles on forecast
Slack Technologies Inc. revenue topped $200 million in a quarter for the first time, but the stock still sank hard in the extended session Thursday afternoon after closing at record highs in recent days.
Like Zoom Video Communications Inc. ZM, -6.03% , which reported record quarterly revenue and traffic late Tuesday, Slack WORK, -4.91% is reaping the digital rewards of a national work-from-home shift during the COVID-19 pandemic. In late April, Butterfield told MarketWatch that “simultaneously connected” users on his software grew by 25% in a single week in March, and that the company added 9,000 new paid customers from Feb.
“We believe the long-term impact the three months and counting of working from home will have on the way we work is of generational magnitude,” Slack Chief Executive Stewart Butterfield said in a statement announcing the results. “This will continue to catalyze adoption for the new category of channel-based messaging platforms we created and for which we are still the only enterprise-grade offering.
Shares were down 15% in after-hours trading Thursday after rising 70% this year and closing at an all-time high on Wednesday. The stock dipped 4.9% from that record high in Thursday’s regular trading session.
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