Economy

Slack stock rockets, then falls back, after erroneous report about IBM relationship

Slack stock rockets, then falls back, after erroneous report about IBM relationship”

Slack Technologies Inc said it was not updating its forecasts for the fourth quarter and fiscal year ending in January, responding to a report of a major licensing deal with International Business Machines Corp for its workplace messaging app. The company confirmed the platform has over 20 million Daily Active Users (DAUs).

This is obviously a very good boost for Slack, but it still will not be enough to compete with Microsoft Teams. "Earlier in the afternoon, Business Insider reported that Slack had" only scored its main customer deal", stating IBM had recently chose to deploy its own technology to every one its 350,000 workers.

Corporate messaging app Slack acquired a major client of the company IBM, which has for several years been testing the app within a small team of engineers, made a decision to implement a Slack in internal communication for all 350 thousand employees, reports Business Insider.

IBM's choice of Slack after the trials makes IBM the biggest customer of Slack. The company's most recent customer update appears to be the addition of SiriusXM, the world's largest audio entertainment company, according to Slack's blog.

Furthermore, the company has yet to clarify which portion of the current 165,000 or future total 350,000 employees will be using a free or paid tier of the service.

Outgoing IBM CEO Ginni Rometty is known for driving IBM employees to become more productive by offering access to digital tools.

The deal with IBM builds on a previous relationship between the two companies. It is an important development that this number has doubled.

Later, Slack launched a presentation to the SEC, which included the fact that IBM was already One of his clients.

The situation certainly helps Slack in its push against Microsoft Teams.

Considering that the circumstance of the simmering Slack vs. Teams struggle, having Slack triumph what seemed to be an huge, fresh contract was news.

When Microsoft announced it had more than 20 million daily active users for Microsoft Teams back in November of previous year, Slack's stock fell as much as 11%. However, the news of IBM's adoption of Slack has had the opposite effect, with the company's stock price surging by 21% today.



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