REUTERS: Slack Technologies Inc on Thursday posted slowing quarterly sales growth, disappointing investors who had expected a surge in demand for its workplace messaging app as companies rapidly adopt remote working tools and technology.
Shares of the company, which had surged nearly 80per cent this year, dropped 16per cent in extended trading. But unlike Zoom, which earlier this week nearly doubled its expectations for annual sales, Slack's lukewarm guidance and revenue growth underwhelmed investors who were expecting a blowout quarter.The company's first-quarter sales rose 50per cent, compared with a 49per cent increase in the fourth quarter and a 67per cent jump in the first quarter last year.
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