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Competition From Microsoft Is Weighing Heavily on Slack

TheMotleyFool

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Competition From Microsoft Is Weighing Heavily on SlackPhoto, wide shot, wide-angle lens, Telecom equipment supplier, Midday, harsh overhead sunlight, directional sunlightt, photo by Thomas Heaton: https://img.theapi.app/temp/3967c11c-b755-4d39-87d0-acc853384c80.png

Slack (NYSE: WORK) was one of the many highly-anticipated IPOs in 2019, and like several of its peers making their debut on the stock market, the company hasn't performed nearly as well as expected.

Slack's shares surged to $42 (up from its initial offering price of $26) during its first day of trading, but they've been on a solid downward spiral since June. One of the reasons behind Slack's lackluster performance has been stiff competition from a rival platform owned by Microsoft (NASDAQ: MSFT). And unfortunately for Slack, this showdown between the two companies is only heating up.

Image source: Slack

Source Fool.com

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