Zoom shares down 90% from pandemic peak

LONDON. Shares of Zoom Video Communications Inc have tumbled about 90 per cent from their pandemic peak in October 2020 as the former investor darling struggles to adjust to a post-Covid world.

The stock was down yesterday after the company cut its annual sales forecast and posted its slowest quarterly growth, prompting at least six brokerages to cut their price targets.

The company, which became a household name during lockdowns due to the popularity of its videoconferencing tools, is trying to reinvent itself by focusing on businesses, with products such as cloud-calling service Zoom Phone and conference-hosting offering Zoom Rooms.

Analysts, however, say any turnaround in the business is still a few quarters away as growth in its mainstay online unit slows and competition from Microsoft Corp’s Teams and Cisco’s Webex and Salesforce’s Slack gets intense.