Slack reported a 50% revenue increase
Slack, who is specialized in business communication, providing chat rooms organized by topic, private groups, and direct messaging, benefited from the COVID-19 pandemic. For the second quarter, it reported losses of $74.8 million, a significant improvement from last year's $360 million loss.
After adjustments, the company reported break-even earnings per share, also an improvement from the 14 cents loss per share (LPS) published last year. On average, analysts were looking for an adjusted loss of 3 cents/share on sales of $209.1 million. Slack had sales of $215.9 million in Q2.
Compared to last year’s figures, the revenue increased by 50% coming in at $215.9 million, above the $209.1 million forecasted.
For Q3, Slack is looking for an adjusted loss per share of 6 cents, with sales of $225 million. At a yearly level, it expects an LPS of 14 cents, and sales of $876 million.
Slack stock price fell 15% following the report. So far this year, it gained 30%, while USA500 added 3%.
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Sources: cnbc.com, marketwatch.com
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