Slack stock falls as much as 20% after it reported earnings that show slowing growth and weaker guidance than expected
Slack's stock fell as much 20 percent in after-hours trading, after it reported fourth quarter results.
It reported quarterly revenue of $181.9 million — an increase of 49 percent from a year prior, and above analyst estimates. However, the quarter before that, its revenue grew 60 percent, signalling a possible revenue slowdown.Slack's stock fell as much as 20% percent after reporting fourth quarter results that beat expectations — but giving lower than expected guidance for the next quarter, even as it shows signs of slowing growth.
However, the company's guidance for the next quarter was lighter than expected, with the company forecasting revenues of between $185 to $188 million, whereas Wall Street was predicting $188.4 million. It also said that it expects its net loss per share for the next quarter to be between $0.07 to $0.06, more in line with the $0.07 analysts expected.
Dan Ives, an analyst at Wedbush, said that "billings guidance was soft and this will be a gut punch to the bull thesis."
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