Zoom Video Communications Inc., a video conferencing platform, said on Monday it has renamed its chat product and added some features, including third-party integrations, as it tries to compete with rivals including Microsoft’s Teams and Slack. Looks.
Calling feature of video calling app, now known as Zoom Team Chat, will also include features such as the ability to share in-meeting chats in Team Chat, schedule meetings from chats or channels. In addition, the features will be released by the end of the month.
Notably, Zoom competes with WeChat Work, Microsoft Teams, Cisco WebEx and Slack, and faces the daunting task of onboarding high-paying customers to sustain its growth at a time when, When many firms are shifting to hybrid work.
To remember, last month, zoom Cut your annual profit and revenue forecasts as demand calms from pandemic highs. Shares of the video conferencing platform rose one per cent to $83.43, but shares were down 55 per cent in the year to close Friday.
Earlier this month, it was reported that the financial second quarter results zoom video communication Videoconferencing providers were the hardest yet. Revenue for the quarter ended July 31 grew just eight percent year over year to about $1.1 billion. That was about two percent below the midpoint of the company’s guidance range and missed Wall Street’s consensus forecast for the first time since Zoom went public in 2019.
The video conferencing app also marked the first instance of single-digit growth on record for the company, which brought videoconferencing to people living at home; Zoom has grown an average of 176 percent year-on-year compared to the past eight quarters.
Zoom’s revenue forecast for the current quarter was also about four per cent lower than analysts’ target. In addition, the company trimmed its previous outlook for the full fiscal year ending January, citing a mix of unfavorable exchange rates, weakness in its online business segment serving consumers and small businesses, and for A more typical pattern of closing sales deals on the enterprise side in the back half of the fiscal year. Its shares fell eight per cent after hours on Monday.
(with inputs from Reuters)
catch all technology news And updates on Live Mint. download mint news app to receive daily market update & Live business News,