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Slack forecasts bigger third-quarter loss, slowing revenue growth; shares tumble

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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 slowing revenue growth in the second half and a bigger-than-expected third-quarter loss in its first report as a public company on Wednesday, as it faces intense competition from Microsoft Corp and others.

The company forecast a third-quarter loss of 8 to 9 cents a share. Analysts on average were expecting a loss of 7 cents per share, according to IBES data from Refinitiv. Slack topped second-quarter revenue expectations, however, and posted a smaller-than-expected loss for the quarter ended July 31. The company posted revenue of US$145 million, beating estimates of US$141.3 million.It said revenue was hit by US$8.2 million of credits related to a service disruption in the quarter.

Slack's total operating expenses in the quarter skyrocketed 317.6per cent to US$477.5 million. It said sales and marketing expenses were expected to accelerate in the second half and exceed 50per cent of revenue.

 

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