Slack (NYSE:WORK) earnings for the business communications company’s fiscal third quarter of 2020 have WORK stock heading higher on Wednesday. This is thanks to an adjusted loss-per-share of -2 cents. That’s above Wall Street’s estimate of -8 cents. Revenue of $168.73 million also beats out analysts’ estimates of $156.02 million.
Let’s take a more thorough look at the most recent Slack earnings report.
- Adjusted losses per share are 93.33% better than the -30 cents from the fiscal third quarter of 2019.
- Revenue is a 59.71% improvement over $105.65 million in the same period of the year prior.
- Losses from operations of -$95.00 million are 87.19% wider YoY from -$50.75 million.
- The Slack earnings report also includes a net loss of -$87.77 million.
- That’s 84% worse than the company’s net loss of -$47.70 million reported during the same time last year.
Stewart Butterfield, Chief Executive Officer and co-Founder at Slack, has this to say about the WORK stock results.
“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.”
The Slack earnings report also includes a positive outlook for fiscal 2020. That includes adjusted losses per share ranging from -32 cents to -31 cents and revenue between $621 million and $623 million. That stacks up well next to Wall Street’s estimates of -40 cents per share and $608.98 million for the period.
WORK stock was up 2.03% after markets closed on Wednesday. The stock was down 4.30% when the bell rang.
As of this writing, William White did not hold a position in any of the aforementioned securities.