Microsoft's Latest Announcement Spells Trouble for Slack
Shares of Slack Technologies (NYSE: WORK) showed a lot of potential when the company first went public earlier this year, but have since failed to live up to that early promise. The stock soared on its first day of trading back on June 20 but has continued to drift downward in the months since.
Things went from bad to worse after Slack issued its inaugural quarterly earnings report, as its losses came in worse than expected.
Slack took another hit Tuesday when Microsoft (NASDAQ: MSFT) announced that its rival communication software continued to extend its lead over its smaller competitor. This sent Slack's stock down more than 9% on fears that Microsoft would continue to gain share at Slack's expense.
Source Fool.com
