second quarter results after the closing bell on Tuesday afternoon. The workplace collaboration app announced revenue of $215.9 million. The stock plummeted more than 15% in after hours trading after calculated billings fell well short of analyst estimates. Shares of Slack were up as much as 5.2% in Tuesday’s trading session ahead of the report.” data-reactid=”16″>Slack (WORK) reported second quarter results after the closing bell on Tuesday afternoon. The workplace collaboration app announced revenue of $215.9 million. The stock plummeted more than 15% in after hours trading after calculated billings fell well short of analyst estimates. Shares of Slack were up as much as 5.2% in Tuesday’s trading session ahead of the report.
Revenue: $215.9 million vs. estimates for $209.2 million
Total paid customers: 130,000 (8,000 net new) vs. estimates for 127,950
Billings: $218.2 million vs. estimates for $232.9 million
Adjusted loss per share: Broke even vs. estimates for three cents per share.
3Q revenue: $222 million to $226 million vs. consensus estimate of $222.9 million
3Q adjusted loss per share estimate: Six cents to five cents vs. consensus estimate of five cents
FY adjusted loss per share estimate: 14 cents to 13 cents vs. consensus estimate of 16 cents
Heading into the quarterly report, analysts painted a mixed picture of the stock, with 12 buys, nine holds, and four sell ratings, and the average price target at $34.67. Slack’s adjusted EPS beat estimates in four of the past four quarters.
FB), Netflix (NFLX), Apple (AAPL), cloud players like Zoom (ZM), Docusign (DOCU) and Salesforce (CRM) are seeing moderation across the board. The high-flying tech names that were essential in leading the market up have been leading all three major indices lower for a third consecutive day. But the widely held view is that the sell-off is largely the result of healthy profit-taking, not a broader-based correction.
fiscal first quarter, Slack has so far held up strongly, posting a 132% net dollar retention rate.” data-reactid=”45″>Cowen analyst J. Derrick Wood wrote in a note last week that about 10% of Slack’s float is still being shorted by investors, reflecting the high level of uncertainty and tepidness surrounding the stock. Looking at the overall landscape, Slack has proven to be a sticky service, even against its only formidable competitor, Microsoft Teams (MSFT). In its fiscal first quarter, Slack has so far held up strongly, posting a 132% net dollar retention rate.
AMZN), IBM (IBM) and Yahoo Finance parent company Verizon (VZ). Last quarter, it added Peloton (PTON), Shopify (SHOP), Wayfair (W), Northwestern Mutual (NWE), Stripe and Doordash as customers. The company ended the quarter with 87 paid customers spending over $1 million annually, which represents a 78% year-over-year increase.
@melodyhahm.” data-reactid=”47″>Melody Hahm is Yahoo Finance’s West Coast correspondent, covering entrepreneurship, technology and culture. Follow her on Twitter @melodyhahm.
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