Slack Escapes Microsoft's Shadow With Stellar Third-Quarter Report
Slack (NYSE: WORK) has a thorn in its side, and its name is Microsoft (NASDAQ: MSFT). Despite pioneering its niche in the tech industry, Slack's platform is facing tough competition from Microsoft's Teams, which has surpassed the former in terms of subscribers.
Still, Slack is far from dead in the water, and the company proved as much with its latest earnings report released on Dec. 4. Let's see how the San Francisco-based company performed during the quarter and whether it will be able to compete with Microsoft moving forward.
Slack's third-quarter earnings report was strong. The company had about 105,000 paid customers at the end of the period, a 30% year-over-year increase. And of these 105,000 paid customers, 821 generate annual recurring revenue of more than $100,000 -- a 67% jump compared to the year-ago period -- and more than 50 were paid customers with greater than $1 million in annual recurring revenue. As Slack's subscriber count keeps climbing, so does its revenue: The company's top line for the quarter was $168.7 million, a whopping increase of 60% year over year.
Source Fool.com
