Zoom Mourns a 17% Drop In Shares as People Return to Office
Zoom Video Communications Incorp’s stock fell about 17% on Tuesday after the video conferencing business reported a faster than expected drop in demand.
This prompted analysts to question the company’s future plans as people return to work. As the pandemic pushed individuals to work, study, and connect with friends and family remotely.
Zoom and other video conferencing platforms like Cisco, Microsoft Teams, and Salesforce’s Slack attracted millions of new customers.
Shares of the company fell by the most in more than nine months to close at $289.50 on Tuesday.
The company’s shares rallied to stratospheric highs since February last year, with its valuation touching $175 billion in October.
Since then, the shares have eased and Zoom’s current capitalization is half of the peak.
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