Slack Isn't Worried About Microsoft Teams
Collaborative communication software company Slack (NYSE: WORK) put up some impressive numbers in its third quarter, which was released after market close on Wednesday. The company's top-line growth accelerated as revenue soared 60% year over year. In addition, Slack's non-GAAP loss per share was much narrower than expected.
Strong customer retention, a 30% year-over-year increase in paid customers, and significant traction with large enterprise customers helped drive the period's better-than-expected results.
Leading up to the report, the Street seemed to be concerned that Microsoft's (NASDAQ: MSFT) Slack competitor, called Teams, could be taking market share from Slack. In November, Microsoft revealed that Teams had 20 million daily active users. Given that the figure is bigger than 12 million daily active users Slack said it had in October, it's fair for investors to worry that Slack's platform is facing some headwinds from Teams.
Source Fool.com
