(Reuters) – Slack Technologies Inc (WORK.N) on Thursday posted slowing quarterly sales growth, disappointing investors who had expected a surge in demand for its workplace messaging app as companies rapidly adopt remote working tools and technology.
FILE PHOTO: The Slack Technologies Inc. logo is seen on a banner outside the New York Stock Exchange (NYSE) during thew company’s IPO in New York, U.S. June 20, 2019. REUTERS/Brendan McDermid
Slack also withdrew its 2021 billing outlook citing uncertainty driven by the COVID-19 pandemic, and said it had seen sales from some large customers slow down in the worst-affected industries, such as travel, hospitality and ride-sharing.
“There’s less visibility into how spending will trend for the remainder of the year, particularly if the economic effects of the COVID-19 pandemic persist or worsen,” Chief Financial Officer Allen Shim said in a post-earnings call with analysts.
Shares of the company, which had surged nearly 80% this year,…
Source Reuters Tech News
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