Why Slack Technologies Stock Lost 11% in July
Shares of Slack Technologies (NYSE: WORK) dazzled investors when they splashed onto the public markets in June, surging on their opening day. However, in its second month as a publicly traded stock, the workplace-collaboration specialist seemed to be experiencing a sophomore slump. Shares gave up 11% in July, according to data from S&P Global Market Intelligence.
The pullback seemed to come as Microsoft (NASDAQ: MSFT) Teams, Slack's closest competitor, surpassed Slack in number of users, and the office-chat platform experienced a service outage for the second time in a month, casting doubts about its reliability.
Image source: Slack.
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