(GOOGL) Google Workspace includes Meet, Chat and other collaboration tools. (MSFT) has launched Teams to go along with Skype. “And I nominate myself to be Charlie’s personal Zoom tech support if he ever needs it.”īut Zoom faces growing competition in the online video meetings business.
Specifically, I’d like to thank Charlie Munger of Berkshire Hathaway for his remarks about how Zoom has added so much convenience to his life,” Yuan said. “I have been humbled by the stories of how finance professionals have leveraged Zoom to reimagine the way they work. Zoom CEO Eric Yuan even joked on the company’s conference call with analysts Monday that he’s thrilled to hear that Charlie Munger, the 97-year-old vice chairman of Berkshire Hathaway Morgan Stanley CEO to NYC workers: Be back in the office by September or else Morgan Stanley is scheduled to release earnings figures on April 16. Pedestrians walk past Morgan Stanley headquarters in New York, U.S., on Tuesday, April 13, 2021. The company is also doing a good job of continuing to add larger so-called enterprise customers…big firms that spend more than $1 million a year with Zoom. Most large companies (Zoom’s market value is now near $100 billion) would love to post sales growth rates north of 30%. Of course, Zoom is still doing extremely well. Zoom said sales in the third quarter are expected to rise about 31%. Sales were up 191% in Zoom’s previous quarter, too. But that’s down sharply from the 355% growth in sales Zoom reported this time last year during the height of Covid-19 fears. Zoom reported that revenue was up 54% from a year ago in the quarter. And investors have high expectations for Zoom after the stock soared an astonishing 400% in 2020. What’s the problem then? Sales growth is cooling. So did revenue, as sales topped $1 billion in a quarter for the first time. (ZM) plunged more than 15% Tuesday morning and are now in the red for the year after the company reported results for its fiscal second quarter after the close on Monday. But as more people return to the office and classroom, the company now faces a bigger challenge: living up to Wall Street’s hype. Zoom Video Communications was one of the clear winners of the pandemic economy.
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