Zoom revamps business model to recover from post-pandemic slump
Zoom is determined to bounce back from a post-pandemic slump by revamping its business and product offerings, a top boss at the firm has said.
“People have got used to a different lifestyle,” necessitating a fresh approach from Zoom, Frederik Maris, head of EMEA at Zoom, told Morning Wire
Beyond video meetings, Zoom is now gradually expanding into a platform offering a suite of products, such as Zoom contact centre, its video and webchat customer service feature.
It has also turned to artificial intelligence, with Zoom IQ – a tool that provides includes transcription translation of meetings, as well as data analytics to help coach sales professionals.
Maris said that managing multiple transitions simultaneously “puts a certain amount of pressure on the organisation,” but he expressed satisfaction with the progress made thus far.
While acknowledging Microsoft as a main competitor, Maris said the rest of the market remains “fragmented”, and he is optimistic Zoom has the potential to take advantage of this.
The Nasdaq-listed company currently has a share price of $66.2 (£51.9) – well below its 2020 peak of $493.7 (£386.9).
But in its latest quarterly earnings, Zoom lifted its annual revenue forecast to between $4.47bn–$4.49bn (£3.5bn – £3.52bn), and posted a three per cent year on year increase in its quarterly revenues.