12/4, 10:24 PM (Source: TeleTrader)
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Slack's Q3 revenue $168 million, up 60% YoY

Slack Technologies announced on Wednesday that its revenue in the third fiscal quarter of 2019 landed at $168.7 million, rising 60% year-over-year and topping market expectations. The company's gross profit rose 36%, from $92 million in the third quarter of 2018 to $145.5 million in 2019. Total operating expenses also surged, standing at $240.5 million in the third quarter, jumping 40% on an annual basis.

Meanwhile, the instant messaging platform's loss per share landed at $0.02 on attributable net loss of $89 million, up 46% on an annual scale.

"Shared channels went into general availability in mid-September after an extensive beta period. Since then the rate of adoption has accelerated," Stewart Butterfield, Chief Executive Officer and Co-Founder of Slack stated commenting on the report.

"We ended the quarter with 821 Paid Customers greater than $100,000 in annual recurring revenue, which is up 67% year-over-year," Slack's Chief Financial Officer Allen Shim added.

Slack's stock plunged 3.74% in the after-hours trading following the earnings report.

Breaking the News / GG