Shares of Slack popped as much as 15% on Thursday following a Twitter thread from CEO Stewart Butterfield that revealed the company's rapid increase in new users. In particular, the company said it had already added 9,000 new customers in Q1, up from about 5,000 in each of the previous quarters. The company's shares are up more than 30% on the year, even as the S&P is down more than 20%.
Slack is just one example of a company that's seeing growth as firms move to remote work amid the spread of COVID-19 coronavirus. Teleconferencing company Zoom has also seen growth, and its shares are up 112% on the year.
Shares of Slack have bounced up and down over the past several weeks like the rest of the market, but have largely rallied since March 18, even though it offered lower-than-expected guidance a few days earlier on March 12.
Butterfield's thread discusses how crazy things have been this month from his perspective running a newly public company with a market cap of about $14 billion. It's a long story. To make it easier to read, we broke each tweet out into paragraphs. Here's his story.
"Quick introductory note: I'm a human. I worry about my family and am deeply concerned about the millions whose jobs and health are at risk. But I'm also a CEO and these tweets are about work: the company, money, markets, customers, earnings, guidance, etc. With that in mind …"