Top Stories
Top Stories

UPDATE 1-Slack sees FY 2020 revenue rising by as much as 50%

(Adds background on IPOs this year)

June 10 (Reuters) - Slack Technologies Inc said on Monday it expects fiscal 2020 revenue to grow as much as 50% but the owner of the workplace instant messaging app anticipates a loss for the year, ahead of its listing this month.

Slack is one of the most high-profile companies left to list their shares in 2019, following initial public offerings of Pinterest Inc, Zoom Video Communications and Beyond Meat.

However, the struggles of Uber Technologies Inc and smaller ride-hailing rival Lyft Inc, the two biggest IPOs so far this year, have cast a pall over new tech listings.

San Francisco-based Slack, which plans to go public via a direct listing instead of an IPO on June 20, forecast fiscal 2020 revenue in the range of $590 million to $600 million, representing growth of 47% to 50% over the previous year.

Slack expects an adjusted operating loss between $192 million and $182 million and forecast full-year billings of $725 million to $745 million, up 40% to 44% from a year earlier.

Slack ended the first quarter with 95,000 paid customers and posted 67% growth in quarterly revenue at $134.8 million.

The company reported an operating loss of $33.8 million for the quarter, compared with a $20.2 million loss a year earlier. (Reporting by Ankit Ajmera in Bengaluru; Editing by James Emmanuel and Maju Samuel)