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Verizon (VZ) Upgrades BlueJeans Platform for Hybrid Workforce

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Verizon Communications Inc. (VZ - Free Report) recently upgraded some of the features of its subsidiary BlueJeans that offers an interoperable cloud-based video conferencing service across a wide range of devices and conferencing platforms. The move is aimed to facilitate a seamless transition to a hybrid workplace with a spontaneous and engaging interactive digital platform as the work-from-home option continues to gain traction.

In order to create an immersive virtual office to facilitate organic conversations in a hybrid work environment and simulate a real-life experience in a digital workplace, Verizon is introducing BlueJeans Spaces that allows for a more natural, individualistic, and inclusive workflow for teams to ideate, interact, or just hang-out together. It enables users to strike up a conversation with spatial audio features that allow persons sitting close in the virtual space to hear each other more clearly than one sitting far away within the virtual room to simulate an in-person experience. Users can select customizable office layouts to replicate the physical ambience and choose from different modes of communication on offer — from messaging and audio to video chat, overhead-focused 2D, and headset-free 3D — to effectively deal with the monotony of back-to-back, scheduled video meetings.

The upgraded BlueJeans Meetings platform will facilitate customers to host up to 1,000 fully active participants in a collaborative meeting. In addition, it offers meeting hosts with audio lock features to mute all participants to limit potential disruptions while giving an opportunity to attendees in large groups to select the sessions they would like to join with Open Breakouts feature. The company further offers a massive jump in attendee capacity with BlueJeans Events that supports up to 150,000 interactive virtual event participants for super-sized events.

BlueJeans is also launching an Android-based version of BlueJeans Rooms for premium room-based video conferencing facilities in partnership with Plantronics, Inc. (POLY - Free Report) . Equipped with Poly Studio X series audio solutions that are ideal for small- to medium-sized huddle spaces and conference rooms, BlueJeans Rooms will enable customers to simulate high-quality meeting experience in the virtual space.

Such technological innovations are likely to provide flexibility to remote workers and unlock workplace productivity and happiness. By creating a virtual space that simulates a real-life office environment where distributed teams can collate together to brainstorm, organize and socialize, BlueJeans aims to address a major hurdle in today’s hybrid work reality.

With one of the most efficient wireless networks in the United States, Verizon continues to deploy the latest 4G LTE Advanced technologies to deliver faster peak data speeds and capacity for customers, driven by customer-focused planning, disciplined engineering, and constant strategic investments. Verizon has been aggressively forging ahead to expand its fiber optics networks to support 4G LTE and upcoming 5G wireless standards as well as wireline connections. The company remains focused on making necessary capital expenditures to support increased demand for network traffic.

At the same time, Verizon is focusing on build-out of its 5G Ultra Wideband network, deployment of fiber assets across the country, and shift toward Intelligent Edge Network architecture. In order to expand coverage and improve connectivity, Verizon has acquired 161MHz of mid-band spectrum in the C-Band auction for a total consideration of $45.5 billion. These airwaves offer significant bandwidth with better propagation characteristics for optimum coverage in both rural and urban areas. Verizon reportedly secured 3,511 of the 5,684 licenses up for grabs.

The stock has lost 8.3% in the past year compared with the industry’s decline of 3.5%.

Zacks Investment ResearchImage Source: Zacks Investment Research

Nevertheless, we remain impressed with the inherent growth potential of this Zacks Rank #2 (Buy) stock. Some other top-ranked stocks in the broader industry are Qualcomm Incorporated (QCOM - Free Report) and InterDigital, Inc. (IDCC - Free Report) , each carrying a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Qualcomm has a long-term earnings growth expectation of 21%. It delivered an earnings surprise of 13.5%, on average, in the trailing four quarters.

InterDigital has a long-term earnings growth expectation of 15%. It delivered an earnings surprise of 536%, on average, in the trailing four quarters.