I don’t get the feeling that work from home would drastically increase Slack use. I think most companies already had some kind of electronic communications and collaboration system. So they might continue to grow as they were, with a little less growth due to new deals that might have been delayed due to economic uncertainty with those companies, but probably balanced by increased use among companies already using it. So kind of a wash.
Zoom is the most interesting. I agree there’s no way to really guess what percentage of new users are paying customers, how much more companies might be spending. Lower margin, higher costs from hosting, acquisitions, implementing security fixes. Then again, I guess nothing would really change my long term thoughts so if the stock craters to $120 because they provide low or no guidance and grow only 100% with much lower margins because all of the new users were on free trials for the reporting period, I wouldn’t be surprised. Nor would it shock me if they report 400% growth and guide to 200% next quarter and the stock jumps 20%. Or maybe it’s just a boring 200% growth and the market yawns. It’ll be fun either way.