Is Slack ($NYSE:WORK) stock undervalued? There’s a good chance that its March post-earnings swoon, which proved to be a 2020 low for stock that has risen nearly 40% this year, will prove its toughest setback.
Now, Slack is seeing engagement jump, and – after a guidance disappointment that spooked investors – hiring is back on track, too.
Just at about the time Slack’s guidance came up short of market expectations in mid-March, people likely began to download its software and put it to use – and, a lot more people, based on the inflection point in our chart above. Slack’s ratings submitted via the Google Play Store have risen nearly 7% since then, a marked increase from the pre-pandemic trajectory.
So far in 2020, headcount at Slack is up nearly 9%. And, that comes at a time when it has to battle in a competitive market for new staffers.
Companies that provide just about any kind of software that facilitates remote collaboration and interaction, whether it’s general use cases and corporate clients, consumer service, healthcare or programming, have also been boosting headcount as many other industries pare down staffers as they prepare for unprofitability and a looming global recession. But Slack, which has just fought its way above its IPO price, could prove to be trading at a discount when we next see its earnings in June.
Similar to shares, Slack has seen job postings soar nearly 40% so far in 2020 – and, postings have nearly doubled from September 2019 lows.
About the Data:
Thinknum tracks companies using the information they post online – jobs, social and web traffic, product sales, and app ratings – and creates data sets that measure factors like hiring, revenue, and foot traffic. Data sets may not be fully comprehensive (they only account for what is available on the web), but they can be used to gauge performance factors like staffing and sales.
Originally Posted on May 13, 2020 – Slack Engagement Soars and Hiring Is Up In 2020 as Apps Battle for Remote Work
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