Microsoft Corp's (MSFT - Get Report) Teams messaging product has more than 13 million users after just two years on the market, the company said on Thursday. 

Writing in a blog post, Jared Spataro, VP for Microsoft 365, said that 19 million people use Teams on a weekly basis, while 13 million use it daily. That exceeds Slack Technologies Inc.'s (WORK) most recently reported user count of about 10 million. In the post, Microsoft included a chart showing that Teams' user base is growing faster than that of Slack, which launched in 2014. 

Slack shares are down 8.9% since it went public through a direct listing on June 20, and skeptics point out that it faces formidable competition from Microsoft and Google's (GOOGL - Get Report) enterprise communication suites. 

Microsoft stock got a slight bump of 0.4% on Thursday after Cowen & Co initiated coverage with an Outperform rating and $150 price target. Shares of the software giant closed at $138.40 on Thursday.

In a note, Cowen analyst Nick Yako wrote that Microsoft could add $100 billion to its revenue by fiscal 2025 because it is well-positioned in key markets, including cloud services and software-as-a-service.

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