Slack shares down more than 16% as revenue growth remains steady despite pandemic

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Slack shares down more than 16% as revenue growth remains steady despite pandemic
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Slack shares tumbled in extended trading on Thursday after the company reported fiscal first-quarter results and withdrew 2021 guidance for calculated billings.

, exceeding what analysts had expected, and nearly doubled its revenue guidance.

The company said it added a record 12,000 paid customers in the quarter. In the two prior quarters it added about 5,000 new customers. Slack's top competitor, Microsoft's Teams service, has alsoCowen analysts led by Derrick Wood initiated coverage of Slack with the equivalent of a buy rating on Tuesday.

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