Slack (NYSE: WORK) was one of the many highly-anticipated IPOs in 2019, and like several of its peers making their debut on the stock market, the company hasn't performed nearly as well as expected.
Slack's shares surged to $42 (up from its initial offering price of $26) during its first day of trading, but they've been on a solid downward spiral since June. One of the reasons behind Slack's lackluster performance has been stiff competition from a rival platform owned by Microsoft (NASDAQ: MSFT). And unfortunately for Slack, this showdown between the two companies is only heating up.
Image source: Slack