SAN FRANCISCO (CNN) — There’s more bad news for Slack: The San Francisco-based messaging software company’s stock plunged nearly 10% Tuesday after Microsoft announced that its rival Teams product has 20 million users. Slack said in September it had just 12 million customers. Although Slack is ubiquitous in many offices and newsrooms throughout Corporate America, the company is facing a formidable challenge from Microsoft. That has Wall Street analysts increasingly nervous about Slack’s future. Slack’s stock has now fallen nearly 20% from its reference price of $24 on the day of its Wall Street debut. The stock has plummeted nearly 50% from its peak of $42, which it reached on its first day of trading in late June. (Slack listed its shares directly on the New York Stock Exchange as opposed to selling shares through a more traditional initial public offering.) Microsoft, which is worth more than $1.1 trillion compared to Slack’s market value of about $11 billion, is hoping to unseat Slack with its Teams collaborative workplace app. Microsoft is offering a free version of the tool and is also bundling Teams into its Office 365 Business Premium and Office 365 E3 cloud-based subscription offerings. Microsoft also has the… Read full this story
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