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Microsoft Teams’ rival, Slack shares drop on withdrawal of full-year billings guidance

Slack reported steady revenue growth 50% in Q1 2020, compared with 49% recorded in Q1 2019 on an annualized basis this brought in more customers

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 Slack shares dropped as much as 17% yesterday after the company’s reported first-quarter earnings.

Investors and stock traders were not happy with Slack’s annual revenue forecast of $855 million to $870 million, up just slightly from Slack’s projection in March stock analysts, on the average, estimated $856.5 million, according to data obtained from Bloomberg.

“Slack’s withdrawal of full-year billings guidance looks conservative to us and likely suggests a pull-forward of revenue amid faster new-customer additions due to remote work,” Mandeep Singh, a Bloomberg Intelligence analyst, wrote in a note yesterday.

Slack grew revenue 50% in Q1 2020, compared with 49% recorded in Q1 2019 on an annualized basis.

However, Slack reported steady revenue growth during  Q1 2020 brought in more customers, as organizations sought to keep communications going with their newly remote workforces during coronavirus pandemic. It had earnings per share of 2 cents loss per share, adjusted and adjusted revenue of $201.7 million

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(READ MORE: How to Profit from Directors’ Share Dealing Notifications)

Slack, in a statement, yesterday reported that it added a record 12,000 paid customers Q1 2020 as against two prior quarters when it added about 5,000 new customers. Slack’s top competitor, Microsoft’s Teams, has also experienced growth in recent months.

“What you saw with Zoom, what you saw with Teams is a great indication that this is not apples-to-apples and that the products are not truly competitive with one another,” Butterfield the Chief Executive Officer of Slack told Investment analysts on a conference call yesterday.

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READ ALSO: Jumia is optimistic of COVID-19 boost, despite poor Q1 2020 earnings report

Paid users spent over 120 minutes per day in Slack at the end of the quarter, up from below 90 minutes one quarter earlier. 

“I can’t care about the stock price on the level of individual days,” Butterfield said when asked about the reaction to earnings. “I just wouldn’t be able to do my job. I care about where the share price is five years from now and 10 years from now. This is just a very volatile time.” 

 

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Olumide Adesina is a France-born Nigerian. He is a Certified Investment Trader, with more than 15 years of working expertise in Investment Trading. Member of the Chartered Financial Analyst Society. University of Pennsylvania: Power of Markets, IBM Enterprise Design Thinking. You can follow Olumide on twitter @tokunboadesina or email [email protected]

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ENDSARS

#EndSARS: Ghanaian President says Buhari is committed to police reform

Ghanaian President has called for calm as he continues to speak to President Buhari on measures to resolve the crisis.

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Ghana’s cedi becomes investors’ best choice ahead Nigeria’s naira, Ghana restricts flights into country after detecting Coronavirus but Nigeria ignores measure

The President of Ghana, Nana Akufo-Addo, said President Muhammadu Buhari has begun the processes that will lead to police reforms, as he calls for calm and dialogue to resolve the issues surrounding reported cases of chaos related to the #EndSARS protests.

Akufo-Addo disclosed this in a statement on Wednesday evening, which comes a day after peaceful protesters are were allegedly shot at by the Nigerian military at the Lekki toll gate holdout.

“I join all well-meaning persons in calling for calm and the use of dialogue in resolving the #EndSARS impasse in Nigeria.

“I have spoken with President Buhari, who is committed to this end, and has begun the processes that will lead to reform,” Nana Akufo – Addo said.

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He added that the use of violence by security agents is not a solution and expresses his condolences.

“Violence, be it on the part of the police or protesters, cannot be the solution. To the families who have lost their loved ones, I express my sincere condolences, and I wish the injured a speedy recovery,” he added.

Akufo-Addo joins other global leaders like former US Presidential candidate, Hillary Clinton, who has called on President Muhammadu Buhari’s administration and the Nigerian Army to stop the killing of young protesters in the country.

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ENDSARS

#EndSARS: Timeline of events as they unfold

Nairametrics captures the timeline of notable events as it led to the current state

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Nigerian youths embarked on a peaceful protest tagged #EndSARS to demand the disbandment of the Special Anti Robbery Squad (SARS) unit, as well as, other reforms in the Nigerian Police Force (NPF). What started out as a peaceful demonstration by thousands of youths, degenerated into chaos after the protests were hijacked by hoodlums.

The hijacked protest is now characterized by the heavy presence of security personnel on the streets of Lagos, mob attacks on security personnel, killings, and vandalization of public and private properties.

Nairametrics captured the timeline of notable events from the latest developments and walking through it till the moment it all began.

 

Wednesday, 21st October 2020

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  • Lagos State Government suspended all government activities and declared lockdown for 72 hours in view of growing violence in the state. The Governor had earlier visited the injured protesters at the hospitals where they received treatment and also stated via a broadcast that there was no record of fatality in the controversial Lekki Toll Plaza shooting on Tuesday.
  • The United Kingdom High Commission in Nigeria announced the shutdown of its VISA application centers in Nigeria for the next 48 hours, with immediate effect, due to the ongoing #EndSARS protests in the country.
  • Television Continental (TVC) station in the Ikosi-Ketu area of Lagos state has been allegedly burnt down by hoodlums who attacked the building. This was disclosed by some residents, who sent videos on social media.
  • The headquarters of the Nigerian Ports Authority in Marina, Lagos was also reportedly set on fire by hoodlums involved in the #EndSARS protests.
  • Around 1 am, The Nigerian Army took to their official Twitter handle and denied deploying soldiers to attack #EndSARS protesters who defied the imposed curfew and peacefully assembled at the Lekki Toll Plaza.

 

Tuesday, 20th October 2020

  • At around 11 pm, GT Bank’s branch on Admiralty Way, Lekki, Lagos state was allegedly set ablaze in the middle of the night by hoodlums disguised as #EndSARS protesters. This was disclosed by eyewitnesses around the affected branch, through their respective Twitter accounts.
  • At about 10 pm, the Lagos State Government ordered an investigation into the Lekki Toll Plaza shooting that was allegedly done by men of the Nigerian Army on Tuesday evening. This was disclosed in a statement issued by the state’s Commissioner of Information and Strategy, Mr. Gbenga Omotoso, via his Twitter handle.
  • At 7:08 pm, Lagos State Government issued a directive to extend the enforcement of its 24hour curfew from 4 pm today to 9 pm, to enable residents stuck in traffic get to their destinations. This was disclosed by the State Governor, Mr. Babajide Sanwo-Olu on Tuesday evening via the state’s official Twitter handle.
  • At about 7 pm, several social media accounts revealed peaceful protesters were allegedly being shot at by the Nigerian military at the Lekki toll gate holdout.
  • Suspected miscreants and arsonists burnt down the Dutse Makaranta police station in the Kubwa area of Abuja. This is after the clash between policemen and #EndSARS protesters in the area where a protester, Anthony Onome, was stabbed on Saturday and a stray bullet hit and killed another protester, who died on the spot.
  • At 11:49 am, the Lagos State Government announced the imposition of a 24-hour curfew in all parts of the state, with effect from 4 pm Tuesday, October 20, 2020. This was due to the hijacked #EndSARS protests in the state, where hoodlums attacked citizens and destroyed properties.
  • At about 4 pm, the IG of Nigerian Police Force, M.A Adamu, ordered the immediate nationwide deployment of anti-riot police unit, Police Mobile Force (PMF), over attacks on police facilities by hoodlums during the #EndSARS protests.
  • About noon, a police station in the Orile-Iganmu area of Lagos State was set on fire by suspected thugs. Eyewitnesses who shared videos via their Twitter accounts said the reprisal attacks were allegedly fuelled by the shooting of one person in that area by policemen.
  • The United States embassy and consulate in Nigeria, announced the shutting down of its consulate in Lagos State for two days with effect from Tuesday, October 20, 2020, due to the hijacked #EndSARS protests.

 

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Monday, 19th October 2020

  • Lagos State Government inaugurated an 8-man Judicial Panel of Inquiry and Restitution to investigate cases of police brutality in the state. This was disclosed by the Lagos State Governor, Babajide Sanwo-Olu, who cited Section 5 of Tribunals of Inquiry Law, Laws of Lagos State, 2015 as a legal justification to set up the panel.
  • The Governor of Rivers State, Nyesom Wike announced that all forms of protest have been banned in the state, therefore the proposed #EndSARS protest in Port Harcourt for Tuesday 13th October 2020 should not hold. He disclosed this in a social media statement on Monday evening, after the Lagos protests turned violent, as police allegedly attacked protesters in Surulere, Lagos.

 

Wednesday, 7th October 2020

  • Youths in Lagos state set out for a three-day protest to call for the disbandment of the Special Anti-Robbery Squad (SARS) unit of the Nigeria Police Force, as part of the push for reforms in the police system to put an end to the extra-judicial activities of the agency. Youths were seen marching to the Force Headquarters at Ikeja, carrying placards with various inscriptions such as “Protect, not exploit”, “Nigeria police stop killing us,” amongst other printed messages.

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ENDSARS

#EndSARS: It is painfully clear that there were casualties at the Lekki Toll Gate – Gbajabiamila

The Speaker has insisted that there were a number of casualties following shootings at EndSARS protesters at Lekki toll gate.

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#EndSars: House of Reps to draft new Police legislation in 30 days, Speaker Gbajabiamila asks NLC to suspend strike, offers palliatives

The Speaker of the House of Representatives, Femi Gbajabiamila has said it is unavoidably and painfully clear that there were a number of casualties as a result of gunfire at the Lekki Toll Gate yesterday.

 

This comes after the Nigerian Army termed news of soldiers’ shooting at Lekki protesters as ‘Fake News’.

The Speaker disclosed this in a statement on Wednesday evening, nearly 24 hours after the incident in Lagos that led to an outbreak of violence in the state.

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Backstory

Nairametrics had earlier reported that several social media accounts revealed peaceful protesters were allegedly being shot at by the military at the Lekki toll holdout.

The Nigerian Army, however,  denied deploying soldiers to attack #EndSARS protesters who assembled at the Lekki Toll Plaza.

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In today’s statement, the speaker said the events in his home state have left his heart heavy and his spirit disturbed.

“After sixty years, our democracy should have grown beyond the point where conflicting visions of nationhood would result in violence on the streets and blood on the ground.

” It is unavoidably and painfully clear that there were a number of casualties as a result of gunfire at the Lekki Toll Gate,”

He called for a quick and thorough investigation to determine the facts of what happened last night in Lagos. “Our nation urgently needs and the Nigerian people deserve an account of the acts that led to the events of last night,” he said.

The Speaker urged protesters to be calm across the country, as the FG works to get a truer picture of events in Lagos and across the nation.

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“Too much blood has already been spilled in our country, let there be no more,” Gbajabiamila concluded.

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