Salesforce Stock Fell on Slack Acquisition at Premium, Tops Q3 Consensus
Salesforce stock price has been under pressure since the office software developer hinted to buy work messaging app Slack last week. The shares extended the losses this week after Salesforce announced to buy Slack at a high premium price of $27.7 billion in cash and stock deal.
Slack Stock Plunged 18% on Earnings Announcement
Slack stock price lost 18% of value in post-market trading despite topping revenue and earnings estimates for the second quarter. The selloff is prompted by the second quarter calculated billings that came in at $218.2 million compared to the $226.3 million consensus estimate. The broader tech sector selloff has contributed to the Slack stock price plunge.