REUTERS: Shares of Slack Technologies Inc recovered initial losses to trade just 2per cent lower on Thursday, after the workplace messaging firm's first quarterly report as a public company beat expectations while warning of slowing growth.
Two Wall Street brokerages cut their target price for the stock and, while there were no changes in recommendations, several said that expenses were taking a toll on another of this year's tech floatation to struggle after debut. "Several large wins at Office 365 customers make us feel incrementally better about Slack's ability to compete against Teams in the Office 365 customer base," analysts at Credit Suisse said.The company is trying to become the main source of communication in workplaces but Teams in July had over 13 million daily active users, three million more than the last number given by Slack in January.
D.A. Davidson advised investors to wait for a further pullback before establishing a position in the shares.
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