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Source: Koyfin; 1-yr return of Slack vs benchmarks
Slack (WORK) beat both revenue and earnings estimates, and management raised its full-year guidance. However, the stock dropped ~18% post-market (and partially recovered since then) likely due to a billings miss. While there are macro headwinds at play and the economic contraction has led to greater revenue/billings dissonance, I think the market reaction was excessive. The lower billings metric doesn't necessarily mean that the revenue will tank in the coming quarter. Furthermore, the long-term prospects are strong with accelerated paid customer adds and improving network effects that