Former work-from-home star Slack (WORK) has burnt out in recent weeks. Shares were already underperforming the tech market. Then the company announced Q2 earnings Tuesday afternoon and the stock dove another 18% in after hours trading.
At $24, Slack is now trading at March 2020 levels; any gains from the pandemic are long gone. In total, shares are now down a quick 40% from their June peak.
What's interesting is that, to be honest, Slack's quarterly earnings weren't even that terrible:
Source: Seeking Alpha
Both revenues and earnings beat expectations.