Slack spikes 8% after Uber decides to use the chat app for its 38,000 employees (WORK)

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Slack just landed another big exclusive account. 

The popular workplace-chat app surged as much as 8% in early trading Friday to $29.70 per share after Uber decided that it would only use Slack across its entire workforce of 38,000 employees, Business Insider’s Paayal Zaveri reported. 

It’s a big win for Slack, which has had heavy competition from other workplace platforms such as Microsoft Teams. Uber and the workplace-chat app also have a history — in 2016, the ride-hailing company decided to use a platform called HipChat, saying that Slack wasn’t able to keep up with its needs at the time. 

But Slack has made strides since, and Uber has been a customer of the platform since 2019, Zaveri reported, citing a source familiar with the matter. The Uber news comes about a week after IBM also said it would roll out Slack globally to its 350,000 employees. IBM had long been Slack’s largest account, and the two companies had a partnership that began in 2016.

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Winning large accounts such as Uber and IBM bodes well for Slack going forward, Wall Street analysts covering the company told Business Insider. The company has a consensus price target of $26.58 and 11 “buy” ratings, eight “hold” ratings, and three “sell” ratings from Wall Street analysts, according to Bloomberg data. 

Shares of Uber fell as much as 2% in intraday trading Friday. Slack has gained 22% year-to-date through Thursday’s close.

Markets Insider