WORK - 2 Ways Microsoft Is Leaving Slack Technologies in the Dust
In late March, Microsoft (NASDAQ: MSFT) announced that COVID-19 lockdown measures in Italy sparked a 775% jump in Teams' calling and monthly meeting users within a single month. It also noticed a "very significant spike" in Teams usage worldwide, as over 44 million daily users spent more than 900 million meeting and calling minutes on the platform within a single week.
That growth spurt seemed like bad news for Slack Technologies (NYSE: WORK), which competes against Microsoft Teams with its messaging and collaboration platform. To make matters worse, research firm SimilarWeb recently revealed some head-to-head comparisons between Microsoft Teams and Slack throughout the crisis, and claimed the former left the latter "in the dust."
Ed Lavery, Director of Investor Solutions at SimilarWeb, noted that the COVID-19 pandemic "gave Teams a huge opportunity to onboard millions of users," and Microsoft Teams "couldn't have dreamed of a better March than the one it just had."