Cowen analysts led by Derrick Wood initiated coverage of Slack with the equivalent of a buy rating on Tuesday. "With the emergence of remote work, which seems will have some level of permanency, we think this catalyzes Slack's value prop from 'nice to have' more toward 'must have,'" the analysts wrote in a note distributed to clients.
For the fiscal second quarter, Slack is forecasting an adjusted loss of 4 cents to 3 cents per share and $206 million to 209 million in revenue. Analysts surveyed by Refinitiv had been expecting 6 cents in adjusted loss per share on $199.8 million in revenue for that period. For the full 2021 fiscal year Slack is calling for a loss of 19 cents to 17 cents cents per share on an adjusted basis and $855 million to $870 million in revenue. The consensus among analysts surveyed by Refinitiv was an adjusted loss of 20 cents per share and $860.3 million in revenue.
The company withdrew its guidance for calculated billings, or revenue plus the change in deferred revenue, for the full fiscal year.Executives will discuss the results with analysts on a conference call scheduled for 5 p.m. Eastern time.
Goes to show how overvalued they were to begin with - steady growth during a recession and their stock price goes down. Wall Street's priorities are fucked.
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