You were busy. I was busy. But people talk about Slack Everywhere on Twitter, so let's catch up with both of us.
All of the turmoil surrounding Slack and its publicly traded stocks seemed to start with a Business Insider story headed:
Slack was getting the biggest customer order ever when IBM switched all 350,000 employees to the chat app
Given the smoldering battle between Slack and teams, it was great news that Slack won an apparently huge new contract. Slack's stocks shot higher and the news made all sorts of headlines that now look a bit silly.
Like this one:
Slack can finally survive after IBM makes a decision [sic] you as the exclusive supplier for 350,000 employees
Slack stocks rose strongly throughout the day. They were 15.4% higher than yesterday, and then suddenly on that fine afternoon, trading in Slack's stocks was stopped until new news arrived.
This created general chaos where everyone tried to find out what had happened. Had Google bought Slack? Had Slack bought a little poodle? Was IBM Not a Slack customer? It was not clear.
Being clear about holding a stock is a big deal and immediately draws attention to the company in question. Public companies do not have much to offer news because it is not a good thing and is not fun. That's why profits come to Hours.
Slack later published an SEC filing that included the fact that it was IBM already one of his customers. This meant that IBM had no New Customers, and that the heading 350,000 employees would not manifest themselves in the fact that many new seats are sold by Slack.
The company itself has incorporated a final piece of hardware into human plastics and said in the file in order to dampen the enthusiasm of the market:
IBM has been Slack's largest customer for several years and has expanded its use of Slack during this time. Slack does not update its financial forecasts for the fourth quarter of the fiscal year ending January 31, 2020 or for the fiscal year ending January 31, 2020.
Womp womp, I think that's the sentence.
That also happenedBut the events of the day for the most part seem to be a lot of things that weren't what we thought.
When Slack finally started floating after trading hours, it quickly returned half of its profits. Slack shares are currently worth $ 24.56 in over-the-counter trading. They started the day worth around $ 23 and traded as high as the mid-$ 27.
Now you know.