Slack's Blockbuster Earnings Show Why the Threat From Microsoft Might Be Overblown
The stock market hasn't been kind to Slack Technologies (NYSE: WORK) since its public debut in June. The much-hyped workplace collaboration software specialist had a great opening day, but the stock has plunged nearly 44% in the months since. What's driving the decline? Primarily, fears of competition.
A recent revelation by Microsoft (NASDAQ: MSFT) added fuel to the fire. Last month, the tech giant said its rival software -- Teams -- had surpassed 20 million daily active users (DAUs), compared to Slack's most recent count of 12 million DAUs.
Slack reported its third-quarter earnings after the market close on Wednesday, and the results illustrate that the company continues to thrive, despite the competition.
Source Fool.com
