Microsoft Teams, Microsoft's (MSFT) - Get Report business messaging app, announced a five-year partnership with Coca-Cola (KO) - Get Report, landing a big fish in its competition against rival Slack Technologies (WORK) - Get Report.
The agreement between the two companies gives Coca-Cola access to a suite of Microsoft products that includes Azure, Dynamics 365 and Microsoft 365.
Earlier this month, Microsoft said that Teams has seen swelling engagement over the past few weeks: Since mid-March, the total number of minutes spent in Teams meetings increased by 200% to 2.7 billion.
Meanwhile, total video calls grew 1,000% in March, the company said, with overall usage on mobile also growing in countries hardest-hit by the virus.
It's unclear what kind of financial windfall the uptick in Microsoft Teams usage will have on the company, however, according to Deutsche Bank.
"Microsoft’s Teams collaboration software is experiencing a huge usage spike, but the direct revenue recognition from Teams is modest...and any usage or capacity spike doesn’t even show up as Azure revenues," DB analyst Karl Keirstead wrote in a recent note.
Microsoft is scheduled to report its March quarter results on April 29 after the closing bell with analysts expecting the company to report earnings of $1.29 per share on revenue of $33.84 billion.
Microsoft shares were rising 0.7% in trading Monday early afternoon while Slack shares were rising 5.3% to $27.45.