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Think of the market today as a machine of constant confusion. Much has been said about the dichotomy between robust stock valuations and the sad state of the world.
Additional confirmations can be found in the response to the earnings report Slack released on Thursday for the quarter ending April. The news company is on the news a lot related to office workers who have been sent home. The stock price was in turmoil, as was the business, which was particularly directed against a Microsoft product called Teams. (An excursus on stock market tickers: TEAM is the ticker for another company for collaboration software called Atlassian; Slacks Ticker is WORK; Zooms Ticker is not ZOOM but ZM; Salesforce symbol CRM for customer relationship software must have appeared really smart years ago.)
Slack added 12,000 new paid customers, a large number. It has lost money like fast growing technology companies are used to, but added cash every quarter, a good thing. Revenue increased 50% to just over $ 200 million.
Here's the catch: Despite a month and a half of protection, sales growth was roughly the same as in the previous quarter. Investors expected better. Slack's shares slumped. It has now dropped 17% in pre-market trading.
Sometimes bad doesn't matter and good is not good enough.
The Abu Dhabi sovereign wealth fund, Mubadala, is investing $ 1.2 billion in Jio Platforms, the Indian mobile operator of the petrochemical giant Reliance Industries. You need a scorecard to track the youngest investors in Jio: Facebook, KKR, Vista Equity, Silver Lake and General Atlantic.
It has become popular for companies to publish their commitment to racial justice. Fortune is starting a project to track the experience of black people in these companies. Please submit your anonymous thoughts and anecdotes here.
My friend and former colleague Dan Primack is also organizing a peloton ride at 8:00 p.m. PT / 11:00 a.m. ET on Saturday morning to raise money for the NAACP Legal Defense and Education Fund. The on-demand session is the 45-minute drive to Black History Month from February 8, led by Alex Toussaint and Tunde Oyeneyin. More details, including the type of donation, can be found here. I will go with you. If you can find out my grip, please give me five.
This edition of the data sheet was curated by Aaron Pressman.