Advertisement

Why Slack Stock Plunged Today

Why Slack Stock Plunged Today

As of 2:55 p.m. EDT today, Slack's stock was down more than 13% after falling as much as 19.6% earlier in the day. The gains were also fueled in part by higher sales to existing customers, as can be seen in Slack's impressive net dollar retention rate of 132%. CEO Stewart Butterfield said the coronavirus pandemic is accelerating the trend toward remote work and boosting the adoption of Slack's communication platform.