(Reuters) — Slack Technologies’s billing growth, a key indicator of future revenue, slowed in the second quarter and owner said it took a $11 million hit in the first half due to the COVID-19 related concessions.

The company said it offered credits, payment in installments and billing duration of less than a year to help users tide over the economic downturn triggered by the health crisis, sending its shares down 18% after the bell.

Slack had in the previous quarter signaled weak demand from worst-affected industries like retail and travel, prompting it to withdraw its full-year billings target.

“In Q2, growth in many of our customers contracted or flattened versus normal seasonal trends. In August, growth began to trend at more typical seasonal levels,” Chief

Read More At Article Source | Article Attribution