Zoom Updating Messaging Platform, Could Compete With Slack: Report

15 Sep by Vitaliy Dadalyan

Zoom Updating Messaging Platform, Could Compete With Slack: Report

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Zoom Updating Messaging Platform, Could Compete With Slack: ReportZoom Video Communications (NASDAQ: ZM) has seen huge growth in 2020 as one of the company's reaping the benefits of the work from home shift.What Happened: A report from The Information says Zoom has hired a "significant number of engineers" to provide an upgrade to its current messaging functions.Zoom currently offers a basic text messaging system within its video calls. The development would put Zoom into competition with other companies that help teams collaborate, especially from outside an office setting.Why It's Important: Zoom would compete with Slack Technologies (NYSE: WORK), of which it has a working relationship with dating back to 2015. Zoom would also compete with Teams, an offering from Microsoft Corporation (NASDAQ: MSFT).Slack reported 130,000 paying customers in the recent quarter. Zoom reported over 370,000 customers (of 10 or more people) in the recent second quarter, a 458% year over year increase.Price Action: Shares of Zoom traded up 2% on Tuesday to $410.94 and are up over 490% in 2020. Shares of Slack are up 14% in 2020.Related Links:How The COVID-19 Crisis Could Spark Permanent Work-From-Home MovementWhat The FAANG CEOs Think About The Work-From-Home EnvironmentSee more from Benzinga * Zoom Video Hits New Highs: Is S&P 500 Inclusion Next? * Takeaways From 6 Zoom Video Analysts On Work-From-Home Stock's Big Q2 Beat * Zoom Video Reports 355% Q2 Revenue Increase, 458% Gain In Customers(C) 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.