Analysts expect a rise of 55-56% for the full fiscal year. Revenue increased 60% year-over-year in the third quarter. While their stock hasn’t seen much growth, their revenue has. Next comes the fourth quarter earnings report, which the company will release next month. The world’s largest audio entertainment company is rolling out Slack companywide. They announced a new collaboration with SiriusXM in December. Fortunately, there has been more good news as of late. Good news and bad news are the only indicators we have seen so far. Nevertheless, Slack stock seems to be correlating with the news cycles. They actually put some water on that fire instead. Investors were expecting Slack to announce major news after the IBM report. It went as high as $42 before plummeting in 2019. This is far from its original offering of $38.50. In general, it’s been wavering between $20 and $30 for months. “Slack is not updating its financial guidance for the fourth quarter of the fiscal year.” “IBM has been Slack’s largest customer for several years and has expanded its usage of Slack over that time,” Slack said in the filing. So, did Slack really score its biggest customer deal ever this week? The truth is, IBM has been Slack’s biggest customer for quite some time. These filings with the SEC announce unscheduled events or corporate changes. After market closing, however, the company filed an 8-K downplaying the IBM report. The surge makes for one of the best trading sessions since Slack’s IPO on June 20 of last year. Slack Stock and the Truth Behind the IBM Report This report sent Slack Technologies (NYSE: WORK) stock soaring 15% on the day. However, a new IBM report and Slack response is giving the company a lot of upside moving forward.īusiness Insider reported that IBM had purchased Slack accounts for all of its 350,000 global employees. This is one reason why investors aren’t ready to buy into its recent surge. Slack stock was one of the more volatile stocks of 2019.
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