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Slack plunges after posting first earnings report since going public
Shares of Slack, maker of the popular workplace chat app, plunged as much as 16% on Wednesday after the company issued its first earnings report as a public company, briefly dropping below the reference price from its direct listing.
Here are the key numbers:
- Earnings: Loss of 14 cents per share, excluding certain items, vs. 18 cents per share as expected by analysts, according to Refinitiv.
- Revenue: $145 million, vs. $140.7 million as expected by analysts, according to Refinitiv.
Slack said in a statement that its revenue grew 58% year over year in the second quarter of the 2020 fiscal year, which ended on July 31.
Slack debuted on the New York Stock Exchange in June through a direct listing, following the path taken by Spotify last year. A few days before its listing, Slack forecast second-quarter revenue of $139 million to $141 million, representing growth of about 52%.
The company's main competitor is Microsoft, which includes the Teams work chat app in Office 365 business subscriptions. In July, Microsoft released statistics suggesting that Teams is more widely used than Slack. On Wednesday Slack did not provide updated user statistics
"We see an equal opportunity for both Slack and Microsoft Teams to grow as alternatives to traditional e-mail and argue a duopoly-like market structure could form around the two most popular messaging-centric in platforms at maturity," KeyBanc Capital Markets analysts led by Brent Bracelin wrote in a note to clients on Aug. 25.
Slack's uptime — a measure of how frequently the service is operating normally — slipped below 99.9% in June and July, wrote the KeyBanc analysts, who recommend buying the stock. Slack provides customers with credits for future use when uptime is below 99.99%. Those credits can impact revenue. Slack said its revenue for the quarter was negatively impacted by $8.2 million of credits.
(Score: 5, Interesting) by jmichaelhudsondotnet on Thursday September 05 2019, @12:05PM (2 children)
If I were them, I would use this stock price to buy all of the stock, and then next year after I had started selling all of the private conversations off the back of a truck, cash in big time when the revenue actually kicks in.
OR WAIT BETTER YET, give the data in a truckfull of disks to some mafia organization front for an international spy ring, launder that money *through the international spy ring*, and then let slack the company go bankrupt and be forgotten about.
OR WAIT BETTER YET, *be an international cult mafia spy ring from the very getgo*.
Then rinse repeat with new company names until out of possible words to makup or commercially appropriate. All you need really is a near complete lack of technical journalism on your planet, up front capital, and a functioning internetwork. And be an awful person I guess too, but the sad thing is there can be 1000 people working in a company but all it takes is one.
So it's good to check out the founders, let's have a look at who slack is:
https://en.wikipedia.org/wiki/Accel_Partners [wikipedia.org] (owners do not have their own articles, but has funded facegag and many other surveillance platforms, gofundme, atlassian)
https://en.wikipedia.org/wiki/Andreessen_Horowitz [wikipedia.org]
https://en.wikipedia.org/wiki/Ben_Horowitz [wikipedia.org] (has worked for the us army, former vp of HP, son of)
https://en.wikipedia.org/wiki/David_Horowitz [wikipedia.org] (the most batshit idiotic neocon and/or most obvious propaganda turf distributer in the english language.)
Yeah, so I wouldn't let these people mow my lawn, all of your slack conversations have already been leaked to at least 100 people you would rather didn't have it. This is a blueprint for how you want to make a prison intercom system that just happens to have emoticons, not an internet.
thesesystemarefailing.net
(Score: 3, Touché) by All Your Lawn Are Belong To Us on Thursday September 05 2019, @02:03PM (1 child)
Almost interesting, if it weren't for the unsubstantiated conspiracy theory.
This sig for rent.
(Score: 1, Flamebait) by jmichaelhudsondotnet on Friday September 06 2019, @09:18AM
drive by non-contributer throwing half-assed dismissive slurs - check