Why Slack Stock Plunged Today
Shares of Slack Technologies (NYSE: WORK) tumbled 13.9% on Wednesday, following the release of its second-quarter financial results.
Slack's revenue soared 49% year over year to $215.9 million, fueled by a 30% surge in paid customers to over 130,000. Slack is enjoying rising demand for its messaging platform during the coronavirus pandemic, as businesses seek out new ways to enable employees to work from home.
"One of the drivers of this acceleration was Slack Connect, which offers seamless, secure inter-company collaboration that we believe is light years ahead of email," CEO Stewart Butterfield said in a press release.
Source Fool.com
