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Effective URL: https://nypost.com/2021/11/23/zoom-shares-drop-18-amid-slowed-revenue-growth/?utm_source=substack&utm_medium=email
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Primary Menu Sections Search Search Skip to search results * News * Metro * Page Six * Sports Open sub menu * NFL * MLB * NBA * NHL * College Football * College Basketball * Post Sports+ * Sports Betting * Business Open sub menu * Personal Finance * Opinion * Entertainment Open sub menu * Oscars 2023 * TV * Movies * Music * Celebrities * Awards * Theater * Shopping * Lifestyle Open sub menu * Weird But True * Health * Sex & Relationships * Viral Trends * Human Interest * Parenting * Fashion & Beauty * Food & Drink * Travel * Real Estate * Media * Tech * Astrology * Video * Photos * Visual Stories * Sub Menu 1 * Today’s Paper * Covers * Columnists * Horoscopes * Sports Odds * Podcasts * Careers * Sub menu 2 * Email Newsletters * Official Store * Home Delivery * Tips Log In Search Email New York Post August 8, 2023 Search Search Business * Facebook * Twitter * Flipboard * WhatsApp * Email * Copy * ZOOM SHARES DROP 16% AS WORK-FROM-HOME DARLING REPORTS SLOWER SALES By Reuters Thanks for contacting us. We've received your submission. Back to Reading November 23, 2021 1:02pm Updated November 23, 2021 3:14pm 0:01 / 0:38 Bud Light distributors no longer expect sales to recover from Dylan Mulvaney disaster MORE ON: ZOOM * NYC OFFICIALS EXPECT ‘THOUSANDS’ OF MIGRANT STUDENTS TO ARRIVE IN NEXT COUPLE WEEKS: SOURCE * END OF AN ERA: ZOOM TELLS EMPLOYEES TO RETURN TO OFFICE FOR WORK * I ENDED AN AFFAIR WITH MY BOSS, NOW HE’S BEING MEAN — WHAT CAN I DO? * JEFFREY TOOBIN ADDRESSES ZOOM CALL MASTURBATION SCANDAL: ‘I’LL REGRET IT FOR THE REST OF MY LIFE’ Zoom shares plummeted by nearly 15 percent Tuesday after the work-from-home darling said its sales were slowing when compared to the go-go days of the pandemic. The company’s stock dropped to its lowest level in 17 months after the video conferencing platform posted its slowest quarterly revenue growth amid stiff competition from deep-pocketed rivals Cisco, Microsoft and Salesforce. The company on Tuesday posted a better than expected third-quarter revenue of $1.05 billion, but that came at a 35 percent jump compared with an astronomical 360 percent in the pandemic-hit year earlier period. “With topline growth still weighed down by weakening trends in the micro segment from pull-forward and temporary pandemic business, we look for a clear line of sight to the growth trough,” said brokerage Needham. Zoom’s addition of new customers with more than 10 employees also grew at its slowest pace at 18 percent, below pre-pandemic levels when the company was not yet a household name. The company’s growth at small and medium businesses might be saturating, while it has barely penetrated the large enterprise market, Third Bridge analyst Joe McCormack said. However, developing it into a contact center product will take longer after its $14.7 billion deal to buy call-center software provider Five9 fell through last month. Shares of Zoom — helmed by CEO Eric Yuan — were trading down 18 percent to $197.94 in early afternoon trading. The stock has nearly halved in value since hitting a peak of $114 billion last year as the pandemic raged. “For now, investors will need some patience as we do not see any upcoming catalysts that would change the sentiment on the stock,” Evercore analysts wrote in a note. SHARE THIS ARTICLE: * Facebook * Twitter * Flipboard * WhatsApp * Email * Copy * Filed under * stocks * Zoom * 11/23/21 Read Next Giants leap for mankind: Bezos' Blue Origin to launch Mich... 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