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MarketScreener Homepage  >  Equities  >  Nyse  >  Slack Technologies, Inc.    WORK

SLACK TECHNOLOGIES, INC.

(WORK)
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Slack Technologies : files anti-competitive complaint vs. Microsoft in EU

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07/22/2020 | 09:45am EDT

Workplace chatting service Slack has filed a complaint in the European Union against Microsoft, accusing the software company of anti-competitive behavior.

Slack said Wednesday that Microsoft illegally bundles its Microsoft Teams messaging product, which is similar to Slack, into Office 365, its package of email and other widely used business software. Slack says Microsoft forces companies to install it for millions and blocks its removal.

Microsoft Corp. said in a statement Wednesday that it looks forward to providing the European Commission with more information and answering its questions.

San Francisco-based Slack Technologies Inc., which went public in 2019, has been growing rapidly. It reported $201.7 million in sales in its February-April quarter, up 50% from the same time last year. It also reported 122,000 paid customers, up 28% from when the company went public in April 2019.

Slack still faces tough competition, particularly from Microsoft’s Teams software. Slack last month announced an expanded partnership with Amazon’s cloud computing division, an attempt to join forces with Microsoft’s chief rival. It more recently announced it is buying Rimeto, which creates detailed staff directories.

Microsoft, which is based in Redmond, Washington, emphasized in its statement Wednesday that the competitive advantage of Teams has been connecting people on video.

“With COVID-19, the market has embraced Teams in record numbers while Slack suffered from its absence of video-conferencing,” Microsoft said.

The European Commission will review the complaint and decide whether to open a formal investigation.

If the European Commission decides to investigate, Microsoft could potentially face huge penalties. The European Union’s powerful competition commissioner, Margrethe Vestager, who has been at the vanguard of the global movement to rein in big technology companies, has slapped Google with multiple antitrust fines totaling nearly $10 billion, which the company is appealing.

Last month the commissioner opened twin investigations into Apple’s mobile app store and payment platform over concerns that its practices distort competition, following a complaint filed by music streaming service Spotify.

But critics say big fines haven’t had much of an impact on tech giants, and Vestager has been weighing up stronger measures to curb their anti-competitive behavior.

Vestager was dealt a setback earlier this month, when an EU court ruled that Apple did not have to pay 13 billion euros ($15 billion) in back taxes to Ireland in a case dating back to 2016, dealing a blow to the bloc’s efforts to clamp down on multinationals’ ability to strike special tax deals with individual EU countries.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission., source Associated Press News


Stocks mentioned in the article
ChangeLast1st jan.
MICROSOFT CORPORATION 0.62% 216.23 Delayed Quote.37.11%
SLACK TECHNOLOGIES, INC. 0.49% 28.76 Delayed Quote.27.94%
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Financials (USD)
Sales 2021 877 M - -
Net income 2021 -338 M - -
Net cash 2021 888 M - -
P/E ratio 2021 -50,1x
Yield 2021 -
Capitalization 16 408 M 16 408 M -
EV / Sales 2021 17,7x
EV / Sales 2022 13,4x
Nbr of Employees 2 431
Free-Float 83,7%
Chart SLACK TECHNOLOGIES, INC.
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Slack Technologies, Inc. Technical Analysis Chart | WORK | US83088V1026 | MarketScreener
Technical analysis trends SLACK TECHNOLOGIES, INC.
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 24
Average target price 31,48 $
Last Close Price 28,76 $
Spread / Highest target 39,1%
Spread / Average Target 9,44%
Spread / Lowest Target -30,5%
EPS Revisions
Managers
NameTitle
Daniel Stewart Butterfield Chairman & Chief Executive Officer
Allen Sanghyun Shim Chief Financial Officer
Callum James Henderson-Begg Chief Technology Officer
John L. O'Farrell Lead Independent Director
Andrew G. Braccia Independent Director
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