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Shares of Slack Technologies(NYSE: WORK) plummeted on Friday, following the release of its first-quarter earnings results.
As of 2:55 p.m. EDT today, Slack's stock was down more than 13% after falling as much as 19.6% earlier in the day.
First-quarter revenue surged 50% year over year to $201.7 million, driven by a 28% jump in paid customers to more than 122,000. The gains were also fueled in part by higher sales to existing customers, as can be seen in Slack's impressive net dollar retention rate of 132%.