Why Slack Stock Plummeted Friday
Shares of Slack Technologies (NYSE: WORK) fell sharply on Friday, declining about 22% as of 11:34 a.m. EDT. The stock's pullback followed Slack's fourth-quarter earnings release.
While Slack's fiscal fourth-quarter top and bottom lines were both better than expected, the company's guidance fell short of expectations. Investors were likely hoping for bigger revenue guidance in light travel restrictions and many companies' implementation of virtual working amid the coronavirus panic. This would lead to an incremental boost in demand for Slack's virtual collaboration services, many investors had thought.
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Source Fool.com
