Slack Technologies Inc’s billing growth remains a key indicator of future revenue, declining in the second quarter, and the corporate messaging app owner confirmed that it took an $11 million hit in the initial half due to the COVID-19 related concessions.
The firm said it offered payment in installments, credits, and billing duration below that, for over a year to allow users to tide over the economic downturn caused by the health crisis, pushing its shares down by 18% after the bell.
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Slack had in the last quarter signaled weak demand from worst-affected industries like travel and retail, prompting it to withdraw its full-year billings target.
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