Slack posts huge loss in first quarter as public company

Technology

FILE PHOTO: The Slack Technologies Inc. logo is seen on a banner outside the New York Stock Exchange (NYSE) during thew company’s IPO in New York, U.S. June 20, 2019. REUTERS/Brendan McDermid

(Reuters) – Slack Technologies Inc (WORK.N), the workplace messaging and communication platform, posted a huge loss in its first quarter as a public company as it spent heavily on sales and marketing to boost engagement on its platform and retain users.

Shares of the company fell 6% in extended trading.

The company, described as an “email killer”, said net loss attributable to common stockholders rose to $359.56 million, or 98 cents per share, in the second quarter ended July 31, from $31.86 million, or 26 cents per share, a year earlier.

(This story corrects to “26 cents” from “28 cents” in paragraph 3)

Reporting by Arjun Panchadar in Bengaluru; Editing by Maju Samuel

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