This quarter's result is the second-lowest year-over-year growth number the company has posted in the last 10 quarters. The revenue growth result is a slight uptick from the previous quarter's 49% growth, but overall growth is gradually slowing as the company gets bigger. Paid customer growth of 37% year over year drove a solid 50% increase in the top line over last year. Paid customers grew 28% year over year to 122,000, and large customers with over $100,000 in annual contract value now make up 49% of the top line. A record 90,000 new customers (both free and paid) joined, eclipsing the number of new customer adds for the entire previous year. The messaging platform turned in an impressive quarter. Let's look at the most recent results, what investors can be excited about for the future, and discuss whether this tech stock is a buy today.
But ardent bears point to a premium-priced stock and a company that's fighting a reigning digital-office king, Microsoft, which is gaining traction with its popular Teams product.
The messaging platform turned in a stellar quarter fueled by accelerated remote work arrangements, bolstering the bull argument. Stock prices from April 26, 2019, to June 10, 2020. It has trailed the S&P 500 since it went public a little more than a year ago.
There has never been a better time for Slack Technologies ( WORK) collaboration software, but the stock has been a disappointment for early investors.
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