Monday, September 25, 2023

Slack’s quarterly billing growth declines due to COVID-19 concessions

By ET Bureau - September 09, 2020 1 Mins Read

Slacks quarterly billing growth declines due to COVID-19 concessions

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.

Read More: How FedRAMP Security Authorization Can Help Federal Agencies and Businesses

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.

To Read More: Reuters



AUTHOR

ET Bureau

The platform covers e entire enterprise technology space- including emerging technologies like RPA, AI, cloud, automation, and the entire gamut of digital transformation tools, strategies and management decisions.

Subscribe To Newsletter

*By clicking on the Submit button, you are agreeing with the Privacy Policy with Enterprise Talks.*