It is also constantly innovating, boasting more than 1,800 general-use applications in its app and spending 39% of its 2019 revenue on research and development. The two combined bring in about 400,000 users. It recently announced ride-hailing company Uber (NYSE: UBER) to its client base and boasts tech giant IBM (NYSE: IBM) as its largest customer. What really stands out for Slack, is that much like companies such as Atlassian (NASDAQ: TEAM) and Shopify (NYSE: SHOP), it has become an essential part of many businesses. Slack changed that completely, revolutionizing workplace communications in the same disruptive way that Netflix (NASDAQ: NFLX) disrupted the cable-TV industry.Īs of October 2019, Slack boasted more than 12 million daily active users, as well as 6 million paying customers, of which nearly 700 are paying more than $100,000 a year, up 75% year on year. Email had an important function, but it left tasks siloed within the teams that owned them. There was a real need to help teams collaborate better. Slack emerged at the confluence of big changes in the way companies operate. If Slack shuts down tomorrow, MyWallSt would not operate anywhere close to peak efficiency and that's a decent investment thesis right there. It is as important to the day-to-day running of the company as the Apple (NASDAQ: AAPL) computers we work off of. Here at MyWallSt, we are big fans of Slack. Investors might be starting to realize its full potential as a revolutionary product in how we go about our work lives. It is about time too that the stock got some recognition, as it is actually down more than 30% since its directly listed on the New York Stock Exchange in June 2019. The stock has risen close to 10% versus the S&P 500's (NYSEARCA: VOO) 17% loss in the past month, as of market close on March 9, 2020. Is Slack (NYSE: WORK) stock a good buy? That's the question on many investors' lips as the workplace-collaboration software company begins to gain some traction on the market amidst coronavirus fears.
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