almost 4 years ago • 2 mins
The US market ended a wild week well – but messaging service Slacksaw its stock price fall 20% on Friday after it DMed investors a disappointing financial forecast. And cryptocurrencies didn’t fare much better… #️⃣
Slack, once a Softbank-backedgrowth junkie, has – like many of the Japanese investor’s darlings – matured into a slower but still loss-making beast. And while Slack at least made it to the stock market, things have been downhill ever since.
Disappointing maiden results in September left investors Slack-jawed, while round two wasn't much better. And Slack’s third batch of quarterly earnings as a public company, while slightly stronger than expected in terms of revenue, included a clear message to the #stockmarket @channel: this quarter would be weaker than thought.
Investors appeared surprised: many may have expected Slack to benefit from the coronavirus outbreak forcing more people to work from home. But the company’s forecast warned that economic malaise would likely outweigh any benefits – and there may be other factors “at work” too… 😉
The response to COVID-19 will likely accelerate further development of the “distributed workforce” of tomorrow – including in areas like remote exams – and the tech titans with millions of existing users and sticky ecosystems may end up being the real winners. But then again, smaller players like Zoom Video Communications and Germany’s TeamViewer are seeing their stock prices rise even as the giants’ fall 🤨
Speaking of falls, there was more bad news for cryptocurrencies on Friday – with bitcoin at one stage touching its lowest price in a year. Time to wash your hands?
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