Zoom has witnessed a huge drop in the usage of its video conferencing app across the globe since the Covid restrictions got lifted. Millions have rejoined the offices, and this has led Zoom to witness the stock erosion by the value of nearly 80 per cent compared to what it had in 2020.
Zoom app was in big demand in the past two years due to the pandemic as companies were operating from home and the platform became the primary source of connection for people and businesses across the world for smooth online meetings.
Though the remote learning, corporate, telemedicine and various industries gave a boost to Zoom Video's cloud-based services. But now the growth of the platform has witnessed a massive drop due to the opening of the in-person meetings, schools, colleges and various organisations.
Zoom is now undergoing a year of transition in 2022.
Alarmed at its slow user growth, the company has unveiled the latest innovations in the Zoom platform to help businesses improve customer and employee experiences for the new 'work anywhere' workforce.
For example, 'Zoom IQ for Sales' is a conversation intelligence solution for sales professionals, as well as new Zoom Events and Webinar functionalities such as backstage and Webinar session branding aim to put engagement at the centre of the experience and transform the way we work, connect, and collaborate.
The new products announcements helped Zoom stock zoom 8 per cent on Wednesday.
"Following our recent launch of Zoom Contact Centre, Zoom IQ for Sales, and our latest Zoom Events innovations mark further steps in Zoom's journey to establish new heights for customer experiences and flexible collaboration across the workforce," said Oded Gal, Chief Product Officer at Zoom.
(Inputs taken from IANS)