Slack grew revenue 50% during the quarter but shares fall by 17%Published by Terence Mahier | Source
Slack just reported revenue growth of 50% during the quarter but expectations were so high that the shares fell 17% in after-hours trading 📉
Slack reported steady revenue growth during a quarter that brought in more customers, as companies sought to keep communications going with their remote employees during the pandemic 💪
Yet, the company failed to deliver the sort of blowout that video-calling service Zoom did earlier in the week by reporting 170% revenue growth 🔥
The market expectations were high and the number is barely a move from the growth of 49% in the previous quarter...
Will it keep sinking?
The company also withdrew its guidance for the year, though Slack shares are up about 70% since the beginning of the year 🤔
Slack’s top competitor, Microsoft’s Teams service, has also expanded in recent months. Therefore, Slack is teaming with Amazon who will provide Slack to all its employees meanwhile Slack will use AWS technology to improve its video-calling feature 🤝
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- Newspill Team 💊
05-Jun 08:55 (Eastern Time)
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