Slack Technologies (NYSE: WORK) reported a narrower loss for the first quarter of 2021, aided by a 50% growth in revenues. The results also exceeded the market’s projection. Meanwhile, the company’s stock dropped on Thursday evening, following the announcement.
The corporate communications app reported an adjusted loss of 2 cents per share for the April-quarter, compared to a loss of 23 cents per share last year. Analysts were looking for a wider loss.
The improvement reflects a 50% growth in revenues to $202 million, which also topped the Street view. On an unadjusted basis, net loss was $75.2 million or $0.13 per share, compared to a loss of $33.3 million or $0.26 per share in the first quarter of 2020.
Shares of Slack, which closed Thursday’s regular session lower, continued to lose during the extended session.
Shares of Beyond Meat Inc. (NASDAQ: BYND) were down 4% on Wednesday. The stock has dropped 22% over the past 12 months and 16% since the beginning of this year.
The gaming industry witnessed a spike in demand after the coronavirus-related movement restrictions forced people to stay indoors. As the consumption of online content grew steadily, spending on video games
Video game company Electronic Arts, Inc. (NASDAQ: EA) reported lower earnings and revenues for the fourth quarter of 2021. Earnings also missed analysts' forecast. During the March quarter, net bookings