Shares of workplace messaging company Slack Technologies Inc were set for their ...
FILE PHOTO: The Slack Technologies Inc. logo is seen on a banner outside the New York Stock Exchange during thew company's IPO in New York, U.S. June 20, 2019. REUTERS/Brendan McDermid
The business-focused messaging and communications platform, which went public through a direct listing, managed to post a smaller-than-expected loss in its first report as a public company. Credit Suisse analysts expect competition with Microsoft and slower growth in free cash flow to cut the stock’s value to $25. Slack’s shares were down 13.7% at $26.80 in premarket trading.
Analysts at D.A. Davidson said Slack forecasts very conservatively, as is normal for recent software initial public offerings, noting that the guidance was still above their own prior consensus.
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