Workplace messaging platform Slack Technologies (NYSE: WORK) reported a narrower-than-expected loss for the third quarter of 2020, aided by a marked increase in revenues. The management also provided guidance for the fourth quarter and full fiscal year. The company’s stock rose sharply during Wednesday’s extended trading session soon after the announcement.
On an adjusted basis, the company reported a loss of $0.02 per share, narrower than last year’s $0.30 per share loss. Meanwhile, unadjusted net loss widened to $89.16 million or $0.16 per share from $47.7 million or $0.39 per share in the third quarter of 2019. The bottom-line beat the market’s projection.
Revenue up 60%
Revenues advanced to $168.7 million from $105.6 million last year and came in above the estimates. At the end of the quarter, the company had more than105,000 paid customers, up 30% from the year-ago period. Calculated Billings was $186.1 million, an increase of 47% year-over-year.
“Shared channels went into general availability in mid-September after an extensive beta period. Since then the rate of adoption has accelerated. This is our most exciting product release in collaboration since we first launched Slack,” said Stewart Butterfield, Chief Executive Officer of Slack.
For the fourth quarter, Slack expects total revenue to be between $172 million and $174 million, representing a 41-43% annual growth. It sees an adjusted operating loss of $36-$34 million and an adjusted loss per share of $0.07- $0.06 in the final three months of the fiscal year.
For the whole of 2020, the company forecast revenues in the range of $621 million to $623 million and an adjusted operating loss of $144-$142 million. Loss per share, on an adjusted basis, is expected to be between $0.32 and $0.31.
Slack went public in June this year through a direct listing and the stock opened at $38.50. Since then, the shares have lost about 44%. They closed Wednesday’s regular session lower.
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