Why Slack Stock Dropped Today
Shares of Slack (NYSE: WORK) have dropped today, down by 4.3% as of 2:04 p.m. EDT, after primary rival Microsoft (NASDAQ: MSFT) reported a surge in engagement on its competing Teams platform. The broader market is also tanking on macroeconomic fears as COVID-19 cases continue to soar in the U.S.
Microsoft reported fiscal first-quarter results yesterday evening that topped expectations, as the shift to remote work has boosted demand for many of the enterprise software giant's productivity and collaboration offerings. In a single day during the quarter, Microsoft 365 users collectively spent 30 billion minutes collaborating with colleagues, CEO Satya Nadella noted on the conference call with analysts.
Microsoft Teams. Image source: Microsoft.
Source Fool.com
