Slack Technologies (NYSE: WORK) reported break-even results for the second quarter of 2021 even as revenues jumped 49%. The results also exceeded the market’s projection. Meanwhile, the company’s stock dropped on Tuesday evening following the announcement.
The corporate communications app reported nil earnings for the July-quarter, on an adjusted basis, compared to a loss of 14 cents per share last year. Analysts were looking for a loss for the most recent quarter.
The improvement reflects a 49% growth in revenues to $216 million, which also topped the Street view. On an unadjusted basis, net loss was $74.8 million or $0.13 per share, compared to a loss of $359.6 million or $0.98 per share in the second quarter of 2020.
Shares of Slack, which closed Tuesday’s regular session higher, declined during the extended session.