Slack Technologies Inc, has lodged an anti-competitive complaint against Microsoft Corp. [NASDAQ: MSFT] before European Commission today. In a complaint, Slack Technologies has disclosed that Microsoft Corp. is engaged in illegal and anti-competitive practices. Slack has accused Microsoft of using its market power in an attempt to destroy the upstart rival.
This is against the European Competition Law which maintains the competition within the European single market by regulating anti-competitive conduct by companies. The motive of European Law is to protect the interest of the society by implementing the rules which prevent the companies to create the monopolies and cartels.
Vice President of Communications and Policy at Slack, Jonathan Prince said that the company is confident to win on the basis of their products but they can’t ignore the illegal practices of Microsoft Inc.
Slack disclosed that Microsoft has unlawfully linked its collaborative software, Microsoft Teams, to its productive programs, Microsoft Office, which comprised of Outlook, Word, Excel, and PowerPoint. Slack said in a statement that they only want fair competition which brings new and innovative products for customers.
Slack’s shares went down 0.92% at $32.31 during the trading of Wednesday. It has a day low and a day high range of $32.22-$32.88, respectively. WORK had a trading volume of 718.81k as compared to the average volume of 19.94 million.
In the past 52-weeks of trading, its stocks have fluctuated between the low of $15.10 and a high of $40.07. If we look at its profitability it has return on assets, equity, and investment of -41.10%, -81.60%, and -83.10%, respectively.
Microsoft Corp. shares traded up 1.04% during the trading of Wednesday. It has a closing price of $210.91. If we turn our focus on profitability, it has a return on assets of 16.30%, return on equity of 42.70% and return on investment of 19.90%.
This company valued at 1591.16 billion and reported the trading volume of 7.67 million as compared to the average volume of 34.81 million. MSFT has a current and quick ratio of 2.90 and a debt to equity ratio of 0.66.