Slack's sales projections signal that strong competition may dent the rapid rise of the workplace communications software maker.
Slack Technologies Inc. stock plunged in after-hours trading Wednesday after the company projected slower sales growth for the second half of the year, signaling that strong competition may dent the rapid rise of the workplace communications software maker.
In the quarter that ended July 31, sales jumped 58% to $145 million. Slack reported an adjusted loss of 14 cents a share for the quarter; analysts had estimated 19 cents. The company has sought to emphasize that it’s more than just an office messaging platform where employees chat. The system also connects to companies’ other applications in an effort to streamline workflows.
The company reported that its net loss widened to $360 million, or 98 cents a share, from $31.9 million, or 26 cents, in the year-earlier period.It raised its fiscal 2020 sales forecast from $603 million to $610 million, which would mean an annual growth rate of 51% to 52%. The midpoint missed analysts’ average estimate of $607.2 million.
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