President Trump was taken aback when Treasury chief Steven Mnuchin said the U.S. asked China's trade delegation to reschedule a farm tour.Politicsread more
As China marks the 70th anniversary of its founding on Oct. 1, CNBC takes a look at the rise of the Asian giant through the years — and projections of where it's headed.China Economyread more
The tax cut came as Indian Prime Minister Narendra Modi's government attempts to spur the country's slowing economy.Asia Economyread more
Lawmakers in Congress on Monday pressed for full disclosure of a whistleblower's complaint about President Donald Trump as Democratic calls for impeachment intensified over...Politicsread more
Stocks have been grinding sideways, but technical analysts say once they breakout, the move to the upside could be powerful.Market Insiderread more
The brewer also issued an additional 189,354,000 shares. Budweiser APAC's IPO is now expected to raise about US$5 billion.China Marketsread more
Rising home prices and conservative borrowing have today's homeowners sitting on a record amount of potential cash. Today's mortgage holders saw their home equity increase by...Real Estateread more
Shareholders are accusing Tesla of improperly valuing the SolarCity deal, providing flawed analysis and misleading investors.Technologyread more
The FAA says each country's regulator will decide when the Boeing 737 Max can return to the skies as the grounding of Boeing's best seller, edges toward its eighth month.Airlinesread more
U.S. Treasury Secretary Steven Mnuchin said Monday that the two country's negotiators had made some progress in easing their trade tensions in last week's deputy-level...World Politicsread more
Stocks were barely changed. American Express gained, but Netflix was a notable laggard.Marketsread more
(Adds details, forecast)
Sept 4 (Reuters) - Slack Technologies Inc forecast a bigger-than-expected loss for the third quarter on Wednesday, as the workplace messaging and communication platform invests heavily to attract paid customers and organizations in the face of competition from companies like Microsoft Corp.
Shares of the company tumbled 15% in extended trading.
The company forecast a third-quarter loss of between 9 cents and 8 cents per share. Analysts on average were expecting a loss of 7 cents per share, according to IBES data from Refinitiv.
Slack competes with Microsoft Teams, a free chat add-on for Microsoft Office365 users. Other similar platforms include Google Hangouts, Workplace by Facebook and Cisco Systems Inc's Webex Teams.
Slack went public via a direct listing on June 20, instead of the more popular initial public offering route. Its shares soared nearly 50% in their public trading debut, valuing it at more than $23 billion.
Slack, however, topped second-quarter revenue expectations and posted a smaller-than-expected loss. The company posted revenue of $145 million, beating estimates of $141.3 million, driven by paid customer growth.
Its adjusted loss of 14 cents per share was smaller than the 18 cents analysts had expected.
The company's total operating expenses in the quarter surged 317.6% to $477.5 million.
Slack, described as an "email killer", said net loss attributable to common stockholders widened to $359.6 million, or 98 cents per share, in the second quarter ended July 31, from $31.9 million, or 26 cents per share, a year earlier. (Reporting by Arjun Panchadar in Bengaluru; Editing by Maju Samuel)