Slack Tumbles After Quarterly Billings Miss Estimates

  • Sales in the current period will be in line with expectations
  • Software maker says some IT buyers have grown more cautious
Photographer: Andrew Harrer/Bloomberg
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Slack Technologies Inc. reported quarterly billings that fell short of analysts’ estimates, reflecting the software maker’s dependence on small- and mid-sized businesses that have been hurt by the coronavirus pandemic. Shares declined more than 19% in extended trading after the report.

Billings were $218.2 million in the period ended July 31, the San Francisco-based company said Tuesday in a statementBloomberg Terminal. Analysts, on average, estimated $232.9 million, according to data compiled by Bloomberg.