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Slack Shares Soar Above Reference Price in Trading Debut After Direct Listing on NYSE

2:30 PM, Jun 20, 2019 — Slack Technologies (WORK) shares soared nearly 59% after making their debut in a direct listing on the New York Stock Exchange.

The San Francisco-based collaborative software’s existing shareholders last month registered nearly 117 million Class A common stock for resale. The $26 reference price was set late Wednesday. The company didn’t receive any funds from the offering.

“To every person who depends on us to bring their team together, achieve more, or simply get their work done. Thank you,” Slack said in a blog posting on Thursday. “We will continue to do better, to work harder, to make sure that Slack helps bring alignment and clarity to your work, whatever work you do.”

Slack last week reported first-quarter revenue rose to $134.8 million, up from $80.9 million in the prior-year period. Its $0.26 per-share loss on a GAAP basis was wider than the $0.21 loss in the same quarter of 2018.

For its full-year fiscal 2020, the company expects total revenue between $590 million and $600 million for a gain of 47% to 50% from the year before. It expects a non-GAAP operating loss between $182 million to $192 million and a non-GAAP loss of $0.41 to $0.44 per share.

Slack sees total revenue of $139 million to $141 million in the current quarter, up 51% to 53%. It expects a non-GAAP operating loss of $75 million to $77 million and a non-GAAP loss of $0.19 to $0.20 a share.

The company said in its prospectus filed with the Securities and Exchange Commission in late April that it had more than 10 million daily active users as of Jan. 31 and 88,000 paid customers and more than 500,000 organizations using its free subscription plan.

Companies: Slack Technologies, Inc.
Price: 41.07 Price Change: +2.57 Percent Change: +6.68

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