beat fiscal second-quarter earnings and revenue expectations, but its shares sank on the report.
Slack shares (ticker: WORK) had risen 30% in 2020 through Tuesday’s close. With the stock down 15.5% to $24.78 Wednesday afternoon, its year-to-date jump pared back to 10.2%.
Much of that run had to do with excitement for companies that appear to benefit from work-from-home trends that kicked into overdrive amid the pandemic. On the other hand, the pandemic has caused some headwinds, like hits to potential customers, especially those in the travel industry.
Mizuho Securities analyst Gregg Moskowitz lowered his price target to $25 from $29 and maintained a Neutral rating in a note on Wednesday.
While paid net additions were in line with his expectations, the company saw a deceleration on several fronts as the benefits of trends toward work-from-home amid the pandemic showed signs of waning. He