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Google Partners Slack to Dive Deeper into Workplace Market
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Alphabet (GOOGL - Free Report) isn’t exactly giving up the cloud space. To make Google cloud services more attractive to all its customers, the company has expanded its partnership with enterprise chat platform, Slack.
Earlier, though Google Cloud users could discuss work and share files using the Slack platform, the expanded partnership will give users much more. New additions include, bots for notifications, support for Google’s recently launched Team Drives and document previews among others.
The new deal will ensure the building of a Drive Bot, which will inform users about changes to a file, and let them approve, reject and settle comments on Slack, rather than opening Google Docs. Keeping the security point in mind, when any user shares a file from Drive in Slack, the chat service will also ensure that the content shared from Drive is accessible to people within the select channel. Also, users will be able to associate Team Drive folders with particular Slack channels.
Also, shares of Google have been underperforming the industry on a year-to-date basis. The stock witnessed loss of 0.24% compared with the Zacks Internet Services industry’s loss of 0.18%.
How Will the Partnership Help Google?
Slack is the largest enterprise chat platform in the world today with more than 3 million daily active users that spend an average of more than 140 minutes per weekday on it. The explosion of enterprise Slack adoptions has driven increased efficiency and collaboration for enterprises around the globe.
By expanding its partnership with Slack, Google dives deeper into the lucrative enterprise software market. Per a Jun 2016 Gartner report, global spending on enterprise software will grow 7% year over year to $367.5 billion in 2016.
This deal will help Google to make its productivity suite more attractive to those organizations that want to use Slack, thus expanding its share in the workplace market.
Conclusion
Google’s cloud services are growing strongly with Google Docs and Google Drive are gaining traction. Google’s chromebook, which relies entirely on the Internet is the company’s way of drawing more people into its cloud. Its enterprise-focused Nexus device is also being used to plug another hole in its enterprise offerings. Given the huge prospects in cloud and growing competition in advertising business, Google still has a long way to go in this space.
Cognex Corporation delivered a positive earnings surprise of 24.92% in the trailing four quarters.
Itron, Inc. delivered a positive earnings surprise of 30.55%, on average, in the trailing four quarters.
Fortive Corporation delivered a positive earnings surprise of 8.42% in the trailing four quarters.
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Google Partners Slack to Dive Deeper into Workplace Market
Alphabet (GOOGL - Free Report) isn’t exactly giving up the cloud space. To make Google cloud services more attractive to all its customers, the company has expanded its partnership with enterprise chat platform, Slack.
Earlier, though Google Cloud users could discuss work and share files using the Slack platform, the expanded partnership will give users much more. New additions include, bots for notifications, support for Google’s recently launched Team Drives and document previews among others.
The new deal will ensure the building of a Drive Bot, which will inform users about changes to a file, and let them approve, reject and settle comments on Slack, rather than opening Google Docs. Keeping the security point in mind, when any user shares a file from Drive in Slack, the chat service will also ensure that the content shared from Drive is accessible to people within the select channel. Also, users will be able to associate Team Drive folders with particular Slack channels.
Also, shares of Google have been underperforming the industry on a year-to-date basis. The stock witnessed loss of 0.24% compared with the Zacks Internet Services industry’s loss of 0.18%.
How Will the Partnership Help Google?
Slack is the largest enterprise chat platform in the world today with more than 3 million daily active users that spend an average of more than 140 minutes per weekday on it. The explosion of enterprise Slack adoptions has driven increased efficiency and collaboration for enterprises around the globe.
By expanding its partnership with Slack, Google dives deeper into the lucrative enterprise software market. Per a Jun 2016 Gartner report, global spending on enterprise software will grow 7% year over year to $367.5 billion in 2016.
This deal will help Google to make its productivity suite more attractive to those organizations that want to use Slack, thus expanding its share in the workplace market.
Conclusion
Google’s cloud services are growing strongly with Google Docs and Google Drive are gaining traction. Google’s chromebook, which relies entirely on the Internet is the company’s way of drawing more people into its cloud. Its enterprise-focused Nexus device is also being used to plug another hole in its enterprise offerings. Given the huge prospects in cloud and growing competition in advertising business, Google still has a long way to go in this space.
ALPHABET INC-A Price and Consensus
ALPHABET INC-A Price and Consensus | ALPHABET INC-A Quote
Zacks Rank & Stocks to Consider
Currently, Google has a Zacks Rank #3 (Hold). Some better-ranked stocks in the industry are Cognex Corporation (CGNX - Free Report) and Itron, Inc. (ITRI - Free Report) , sporting a Zacks Rank #1 (Strong Buy), and Fortive Corporation (FTV - Free Report) , carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Cognex Corporation delivered a positive earnings surprise of 24.92% in the trailing four quarters.
Itron, Inc. delivered a positive earnings surprise of 30.55%, on average, in the trailing four quarters.
Fortive Corporation delivered a positive earnings surprise of 8.42% in the trailing four quarters.
Zacks’ Best Private Investment Ideas
In addition to the recommendations that are available to the public on our website, how would you like to follow all Zacks' private buys and sells in real time?
Our experts cover all kinds of trades… from value to momentum . . . from stocks under $10 to ETF and option moves . . . from stocks that corporate insiders are buying up to companies that are about to report positive earnings surprises. You can even look inside exclusive portfolios that are normally closed to new investors. Starting today, for the next month, you can have unrestricted access. Click here for Zacks' private trades >>