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Yahoo BusinessSep 17, 2020
RPT-FOCUS-U.S. plans for hundreds of millions of cheap, fast COVID-19 tests
Remote and virtual collaboration and communications has become the priority for businesses of all sizes as an essential tool to manage remote and virtual teams, says ReportLinker. It has found that the global Web & Video Conferencing SaaS market is expected to witness growth spike by 110.3% in the year 2020, with a whopping 72% of companies planning to shift a portion of their staff permanently to a work-from-home model.Here we will discuss how Slack Technologies and Zoom Video have leveraged the spike in demand amid the pandemic and use the TipRanks' Stock Comparison tool to see which stock offers a better investment opportunity.Slack Technologies (WORK)Slack reported better-than-anticipated revenue and earnings for fiscal 2021's 2Q (ended July 31) thanks to a spike in remote communications due to COVID-19. However, the stock declined following the results as investors were anticipating much more elevated demand especially after companies like Zoom Video crushed analysts' expectations with triple-digit revenue growth.Moreover, a key metric—billings growth fell short of the Street's expectations and slowed down compared to 1Q. Calculated billings grew 25% Y/Y in 2Q compared to 38% in 1Q. Slack cited $4 million of COVID-related concessions and preference for shorter contract duration as reasons for the slower billing growth.Barclays analyst Raimo Lenschow lowered his price target for Slack to $31 from $38 while maintaining a Buy rating and stated that in the short-term Slack will "be in the penalty box
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