Slack Reports Second Quarter Financial Results | Financial Buzz

Slack Reports Second Quarter Financial Results

Slack Technologies, Inc. (NYSE: WORK) announced financial results for the second quarter of fiscal year 2021.  Total revenue amounted to USD 215.9 Million, a 49% increase year over year.  Calculated billings reached USD 218.2 Million, a 25% rise year over year. 

The company highlighted that it had over 130,000 paid customers which is up 30% year over year.  985 paid customers with greater than USD 100,000 in annual recurring revenue, up 37% year over year. 

“Paid Customer growth — which is the single most important driver of the business over the long term — accelerated in Q2, up 30% year-over-year,” said Stewart Butterfield, Chief Executive Officer and Co-Founder at Slack. “One of the drivers of this acceleration was Slack Connect, which offers seamless, secure intercompany collaboration that we believe is light years ahead of email. We ended the quarter with more than 380,000 connected endpoints, up more than 200% year-over-year, and now more than 52,000 Paid Customers use Connect, up 160% year-over-year.”

“In a volatile macro environment, we remain focused on investing for long-term growth and driving innovation in this category,” said Allen Shim, Chief Financial Officer at Slack. “Our largest customers are standardizing their work on Slack, and we ended the quarter with 87 Paid Customers spending over $1 million annually, up 78% year-over-year.”

The company expects total revenue for the third quarter to range from USD 222 Million to USD 225 Million.  Total revenue for full fiscal year 2021 is expected to reach USD 870 Million to USD 876 Million.