REUTERS: Shares of Slack Technologies Inc tumbled 14per cent, wiping out nearly all their gains since the company's listing in July, after the workplace messaging firm warned of slower revenue growth amid intensifying competition.
Credit Suisse analysts expect competition with Microsoft and slower growth in free cash flow to cut the stock's value to US$25. Despite the disappointing forecast, the stock suffered only two price target cuts and saw no downgrades.The brokerage said Slack forecasts very conservatively, as is normal for recent software initial public offerings, noting that the guidance was still above their own prior consensus.
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