Tuesday’s Headlines: Slack Soars 15% Before Falling After Hours

Tuesday’s Headlines: Slack Soars 15% Before Falling After Hours

1. Slack shares jumped more than 15% yesterday after Business Insider reported that it had "just scored its biggest customer deal ever with IBM." In the report, it was claimed that Slack had signed a deal to deploy its technology to all 350,000 global IBM employees, making it the company's biggest customer by far. However, this optimism was tempered after market close when Slack disclosed that IBM had already been the company's biggest customer for a number of years and the company was just working to onboard the last 50,000 employees. Shares of Slack fell some 7.5% off the back of this news. Read the full story here

2. MercadoLibre fell 2.7% after hours following the release fourth-quarter earnings Monday that beat estimates on revenue but fell short on EPS. The Argentina-based e-commerce company reported an adjusted loss of $1.11 per share on revenue of $674.3 million versus Wall Street expectation of an adjusted loss of $0.74 per share on revenue of $666 million. MercadoLibre is the largest provider of e-commerce services in Latin America, operating in 18 countries. Get the full report here.

3. Education technology leader Chegg topped Q4 estimates with earnings per share of $0.35 versus estimates of $0.30. Services revenue grew 31% to $107.3 million while subscriber numbers jumped 32% to 2.5 million on top of total revenue of $120.7 million, with Chegg forecasting full-year revenue of  $522 million-$527 million. Chegg shares have added about 12.7% since the beginning of the year versus the S&P 500's gain of 3%. Read more here.

JamieJamie

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