![]() ![]() All the major cloud platforms are doing it. The aim is to take on Teams in enterprise messaging, we well as Alphabet’s (NASDAQ: GOOG, NASDAQ: GOOGL) Google Meets.Īmazon is under increasing pressure to climb “up the stack” in cloud, offering not just infrastructure or a platform, but applications. Slack, already an Amazon customer, will now use AWS’ Chime software for its video calling. That floor is Amazon (NASDAQ: AMZN).Īlong with its earnings release, Slack announced that Amazon has licensed Slack software for use by its employees. It means expectations for tech earnings may not be met. Wedbush Securities has downgraded Slack stock, saying investors may be over-estimating it against Microsoft (NASDAQ: MSFT) Teams. ![]() Butterfield has withdrawn earnings guidance for the rest of the year. Slack is being flexible about getting paid, but some customers may fail. But the general economy fell off a cliff, so Slack’s customers are hurting. A lot of companies rushed to Slack to cut their costs. Slack CEO Stewart Butterfield was honest about this. If it all goes into investor pockets, it’s self-defeating. If these gains go into creating new work and new industries, it’s great. They create deflation, and long-term unemployment. These companies can dramatically increase productivity. Much of that money went into cloud technology, into companies like Slack. TV analyst Jim Cramer called it “one of the greatest wealth transfers in history.” ![]() The pandemic caused people to demand an economic bailout. It opened for trade June 8 at about $32.50, a market cap of $18.3 billion. As mentioned earlier, Slack stock fell roughly 15% after the numbers came in. Still, $202 million in revenue on a stock worth $25 billion? Because Slack invests ahead of growth, as it should, there was a net loss of $75 million, 13 cents per share. The company predicted growth will continue. The numbers it reported for the quarter ending in April were outstanding. ![]()
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