Slack revenue growth fails to impress; scraps billings outlook

(Reuters) - Slack Technologies Inc on Thursday withdrew its 2021 billing outlook and reported a 50% jump in quarterly sales that failed to surpass lofty investor expectations driven by a surge in demand for workplace messaging platforms as more companies shift to remote work. Shares of the company, which had surged nearly 80% this year, dropped 16% in extended trading after Slack withdrew its forecast for billings citing uncertainty driven by the COVID-19 pandemic. Social distancing protocols have led many companies to rapidly adopt remote work, expanding the market for apps that allow workers to stay in touch and boosting Wall Street expectations for companies such as Slack.

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