Slack (NYSE: WORK) gets another big competitor, tanks even more. – Idaho Reporter

Technology, WORK stock

Slack (NYSE: WORK) gets another big competitor, tanks even more.

The office communication service Slack (NYSE:WORK) disappointed investors with its growth during corona crisis. Seems like I asked a fair question when a month ago I questioned if there is any strength left in WORK stock. Slack stock dropped 4.91% on Thursday and another 14% in after-hours trading session. Slack increased its sales in the first business quarter, which ended April 30, 50 percent year-over-year to $ 201.7 million. However, Slack was growing at a similar pace before – investors had expected the Corona crisis to boost business more. For the current quarter, Slack promised sales growth of up to 44 percent.

On the same day when Q1 results came out Slack tried to balance the news with a huge Amazon (NASDAQ: AMZN) collaboration deal. A new multi-year agreement between Amazon Web Services, Inc. and Slack should improve positioning against Microsoft teams

“The future of enterprise software will be driven by the combination of cloud services and workstream collaboration tools,” said Stewart Butterfield , CEO and co-founder of Slack.

But someone came to rain on their parade, and that is Google. In an email to G Suite administrators on Thursday evening, Google announced that Google Currents will be officially launched on July 6.

Share ideas with employees and gather input through meaningful, focused discussions on topics that matter to your organization.

Current description, seems pretty much like Slack

While Currents may be just a re-skinned Google+ you must have in mind that everyone and his dog have Google account that offers everything from Cloud to Chat and Docs.

The biggest blow to Slack, in my opinion, is the fact that some things are clearer after coronavirus crisis. Seems like the worker of the future will prefer video and voice (Zoom) interaction rather than hitting a keyboard.

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