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Slack loss forecast bigger than expected, shares plunge

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Slack Technologies Inc , the workplace messaging and communication platform, posted a huge loss in its first quarter as a public company as it ...

REUTERS: Slack Technologies Inc forecast a bigger-than-expected loss for the third quarter on Wednesday, as the workplace messaging and communication platform invests heavily to attract paid customers and organizations in the face of competition from companies like Microsoft Corp .The company forecast a third-quarter loss of between 9 cents and 8 cents per share. Analysts on average were expecting a loss of 7 cents per share, according to IBES data from Refinitiv.

Slack competes with Microsoft Teams, a free chat add-on for Microsoft Office365 users. Other similar platforms include Google Hangouts, Workplace by Facebook and Cisco Systems Inc's Webex Teams. Slack went public via a direct listing on June 20, instead of the more popular initial public offering route. Its shares soared nearly 50per cent in their public trading debut, valuing it at more than US$23 billion.

Slack, however, topped second-quarter revenue expectations and posted a smaller-than-expected loss. The company posted revenue of US$145 million, beating estimates of US$141.3 million, driven by paid customer growth.Its adjusted loss of 14 cents per share was smaller than the 18 cents analysts had expected.Slack, described as an"email killer", said net loss attributable to common stockholders widened to US$359.

 

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