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Slack Trades Lower After Q3 EPS Guidance Falls Short Of Street Estimate.

Byline: Dustin Blitchok

Slack Technologies Inc (NYSE:WORK) reported a second-quarter loss per share of 14 cents on Wednesday, beating Street expectations for an 18-cent loss.

Sales of $145 million beat a $140.72-million estimate.

The workplace software company guided to a third-quarter loss per share of 8-9 cents versus a Street estimate of a 7-cent loss. Slack guided to third-quarter sales of $154-$156 million versus a $153.2-million estimate.

For fiscal 2020 as a whole, Slack is projecting an adjusted EPS loss of 40-42 cents per share and sales of $603 million to $610 million against a $600.9-million Street estimate.

Wednesday's earnings report is Slack's first as a public company since its June IPO.

"Revenue growth was 58% year-over-year, despite a one-time revenue headwind from credits issued in the quarter related to service level disruption," Chief Financial Officer Allen Shim said in a statement.

"We remain focused on expansion within existing customers and growing our large enterprise customer base, and ended the quarter with 720 paid customers greater than $100,000 in annual recurring revenue, which is up 75% year-over-year."

Slack shares gained 8.03% in Wednesday's regular trading session, but were falling by 12.46% to $27.20 in after-hours trading at the time of publication.

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Photo courtesy of Slack.

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Publication:Benzinga.com
Article Type:Financial report
Date:Sep 4, 2019
Words:324
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