Slack newest feature is giving Wall Street hope about its growth prospects - Business Insider

, but many analysts are excited about the potential of one of the latest features of its service.

"We continue to view Shared Channels as a meaningful differentiator and greater adoption likely drives greater stickiness," Rishi Jaluria, an analyst with D.A. Davidson, said in a research note on Thursday. as a beta-test product, then, during the third quarter, launched it officially. The company said that by the end of the quarter, 26,000 paying customers were using the feature, up from just 6,000 at the end of the prior period.

"Shared channels are unique to Slack. No competitor has brought anything similar to market," Butterfield said. "Not surprisingly, this has started to have an impact in the field." Analysts are buying Butterfield's message. Many see shared channels as a way for Slack to distinguish its service from its main competitor, Microsoft Teams, and as a way to prompt users of its free service to become paying customers.

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