US video service Zoom grew just as slowly in the first quarter as when it went public in 2019. Sales rose 12 percent to $1.07 billion, the San Jose company announced Monday after the market closed.
This was exactly as analysts had predicted, according to data from Refinitiv. Strong competition from Cisco’s WebEx, Salesforce’s Slack and Microsoft Teams, and Google Meet has slowed Zoom’s growth for some time.
While the company, like its competitors, is benefiting from the trend towards flexible working between home and office, it is unable to match the revenue increases seen at the start of the corona pandemic. Zoom is now increasingly targeting business customers.
After the figures were released, Zoom initially rose by 15 percent. This year, the paper has fallen significantly in the stock market so far, losing about 52 percent, while the technology exchange Nasdaq lost 27 percent.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
