Day: June 4, 2020

Slack revenue growth fails to impress, shares tank

(Reuters) – Slack Technologies Inc (WORK.N) on Thursday posted slowing quarterly sales growth, disappointing investors who had expected a surge in demand for its workplace messaging app as companies rapidly adopt remote working tools and technology.

FILE PHOTO: The Slack Technologies Inc. logo is seen on a banner outside the New York Stock Exchange (NYSE) during thew company’s IPO in New York, U.S. June 20, 2019. REUTERS/Brendan McDermid

Slack also withdrew its 2021 billing outlook citing uncertainty driven by the COVID-19 pandemic, and said it had seen sales from some large customers slow down in the worst-affected industries, such as travel, hospitality and ride-sharing.

“There’s less visibility into how spending will trend for the remainder of the year, particularly if the economic effects of the COVID-19 pandemic persist or worsen,” Chief Financial Officer Allen Shim said in a post-earnings call with analysts.

Shares of the company, which had

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Abu Dhabi’s Mubadala to invest $1.2 billion in Reliance’s Jio Platforms

(Reuters) – Indian oil-to-telecoms conglomerate Reliance Industries Ltd (RELI.NS) said on Friday that Abu Dhabi state fund Mubadala Investment Co will buy a 1.85% stake in its digital unit, Jio Platforms, for 90.93 billion rupees ($1.21 billion).

Reliance has now sold a combined 19% interest in Jio Platforms, which houses movie, music apps and telecoms venture Jio Infocomm, in six fundraising deals including a 9.99% stake sale to Facebook Inc (FB.O) for $5.7 billion.

The interest in Jio Platforms highlights its potential to become the dominant player in India’s digital economy. The telecoms unit has already decimated several rivals with cut-throat pricing and is counting on Reliance’s retail network to expand into e-commerce.

The Jio Platforms investment is the largest in an Indian firm by Mubadala, which is the second-biggest state investor in Abu Dhabi after Abu Dhabi Investment Authority (ADIA), managing about $240 billion in

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Uber Eats features black-owned restaurants on U.S., Canadian delivery platform

FILE PHOTO: An Uber Eats bicyclist makes a delivery during the coronavirus outbreak, in the U.S. Capitol Hill neighborhood in Washington, U.S. April 1, 2020. REUTERS/Jonathan Ernst

(Reuters) – Uber Technologies Inc on Thursday launched a feature on its food delivery app Uber Eats that allows customers in the United States and Canada to order from restaurants owned by black people.

The feature comes in response to U.S.-wide protests over the death of a black man, George Floyd, while in police custody, which has become the latest flashpoint for rage over police brutality against African-Americans and prompted calls to support black communities and businesses in solidarity.

Customers who open the Uber Eats app in major U.S. and Canadian cities will see a banner reading, “Support Black-owned restaurants,” and are provided with a list of nearby restaurants. Delivery fees for those orders are being temporarily waived, a statement on the app

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Slack revenue growth fails to impress; scraps billings outlook

FILE PHOTO: The Slack Technologies Inc. logo is seen on a banner outside the New York Stock Exchange (NYSE) during thew company’s IPO in New York, U.S. June 20, 2019. REUTERS/Brendan McDermid

(Reuters) – Slack Technologies Inc (WORK.N) on Thursday withdrew its 2021 billing outlook and reported a 50% jump in quarterly sales that failed to surpass lofty investor expectations driven by a surge in demand for workplace messaging platforms as more companies shift to remote work.

Shares of the company, which had surged nearly 80% this year, dropped 16% in extended trading after Slack withdrew its forecast for billings citing uncertainty driven by the COVID-19 pandemic.

Social distancing protocols have led many companies to rapidly adopt remote work, expanding the market for apps that allow workers to stay in touch and boosting Wall Street expectations for companies such as Slack.

Investors had heightened expectations going into the

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