Slack shares plunge over 17% after earnings report that suggests the remote work boom hasn't boosted it as much as Wall Street hoped (WORK)
REUTERS/Brendan McDermid
- Slack shares plunged up to over 17% after the company reported earnings showed that it may not have benefited as much from the remote work boom as Wall Street expected.
- Slack's revenue in the quarter showed 50 percent growth from a from a year prior, barely above the 49 percent growth year-over-year that it saw in the previous two quarters.
- Analysts say they expected Slack to see much more of a material impact to its results due to the remote work boom.
- Visit Business Insider's homepage for more stories.
Slack shares dropped up to over 17% after-hours Thursday as the company reported earnings that beat estimates but showed that it may not have benefited as much from the coronavirus-related remote work boom as Wall Street expected.
Slack reported revenue of $201.7 million, which was above analyst expectations of $187 million. However, that represents only 50% growth from a year prior, barely above the 49% growth year-over-year that it saw in the previous two quarters. See the rest of the story at Business Insider
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