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WORK - RingCentral: 40%+ Downside Due To Covid 19 Market Share Losses
Slack Technologies Inc. Class A
Executive Summary
The move to remote working and video conferencing has been fast forwarded in the past few weeks. Microsoft Teams and Zoom have built an insurmountable lead over RingCentral as evident in multiple sources of data. The lead is, by many measures, larger than the lead Facebook had over MySpace when it went into receivership.
RingCentral has limited feature advantages versus incumbent players and can't afford to invest as much in advertising. The competitive environment has also accelerated due to Google's more aggressive actions regarding Duo marketing.