Slack Hits Record Low After First Report Gives Tepid Outlook
- Stock has biggest percentage loss since its June IPO
- Slack’s valuation gave it ‘thin margin of error,’ MKM wrote
Stewart Butterfield, chief executive officer of Slack during the company's initial public offering.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Slack Technologies Inc. shares tumbled to an all-time low on Thursday, after the workplace-collaboration software company disappointed with its first report as a public company.
While the second-quarter results beat expectations, the company projected slower sales growth for the second half of the year. Analysts wrote that this “anemic” outlook wasn’t as “robust” as had been expected, in the words of Bernstein analyst Mark Moerdler.