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Slack CEO says the company will use its massive cash pile to focus on growth

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Slack projected wider-than-expected losses for the current quarter in its first earnings report as a public company.

In an interview with CNBC's Squawk Box, Slack CEO Stewart Butterfield said "growth is the priority" for the company moving forward.The company beat on the top and bottom lines, but projected wider-than-expected losses for the current quarter, which sent shares tumbling.

In an interview with CNBC's Squawk Box on Thursday, Andrew Ross Sorkin asked Butterfield what Slack views as reasonable costs. Slack has about $800 million in cash on hand, Butterfield said, which is one of the reasons the company went public earlier this year with a direct listing, rather than an initial public offering.first earnings report

While the company beat on the top and bottom lines for the fiscal second quarter, Slack said it expects sales growth to continue to slow, alongside wider-than-expected losses for the current quarter, which sent shares tumbling.

 

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My, what a novel idea for a CEO... I would be interested in seeing his 10 year Strategic plan and Tactical plans to augment... this article makes it sound like he's shooting from the hip... That worries shareholders...

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