Slack Technologies, operator of the popular workplace instant-messaging app, rep...
- Slack Technologies, operator of the popular workplace instant-messaging app, reported an annual loss of $140.7 million, the company said on Friday ahead of its planned public market debut.
Slack's daily active users exceeded 10 million in the three months ended Jan. 31, 2019, with its paid users at about 88,000, the company's regulatory filingThe San Francisco-based company is seeking to go public via a direct listing, making it the second big technology company after Spotify Technology SA to bypass the traditional route of listing its shares through an initial public offering.
In a direct listing, however, a company does not sell any new shares to raise money. Instead, it gives existing shareholders the opportunity to cash out. The company, whose competitors include Microsoft Teams, a free chat add-on for Microsoft’s Office365 users, said it expects to incur losses for the foreseeable future and may not achieve or maintain profitability in the future.
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