Slack says it now has more than 12 million daily active users, a number that's smaller than Microsoft's competing Teams app.
"We view MSFT's unusually nimble and effective response to the threat of Slack as a real thorn in the side of WORK's business model," Mizuho analysts led by Gregg Moskowitz wrote in a September note, initiating coverage with a neutral rating.
Slack CEO Stewart Butterfield has been skeptical of how Microsoft determines the number of people using Teams. "They're not comparing the same thing when they say daily active user," Butterfield told CNBC in an interview last week. He said that people who once used Skype for Business to make voice and video calls have been moved over to Teams.
Slack reports 6 million paid seats. Paying users are actively on the app for about 90 minutes per day and are connected to it for over nine hours a day. The company said users are taking 5 billion actions, like sending a message or uploading a file, every week.
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