Zoom Video Communications ( ZM Quick Quote ZM - Free Report) recently announced a broad range of updates in various business units such as Zoom One, Zoom Contact Centre, Zoom Spaces, Zoom Events and Zoom IQ for Sales. The Zoom Phone now allows companies to upload and share audio files, add an emergency number with a company’s safety team and track usage of data. This is expected to bolster the user base of Zoom Phone even further after reaching nearly 4 million seats in second-quarter fiscal 2023, up more than 100% year over year. Zoom Meetings and Webinars are now more user-friendly with the interpretation of sign language. There are notifications on the upcoming meetings for the day. One can know colleagues better by adding a name, position, location and picture on profile cards. Zoom Whiteboard, which gained traction on its launch, had now added features such as tables to organize content, mind maps to create flow charts and @mentions in the comments to directly connect to a colleague. Zoom Chat Center has been made hassle-free as agents can now access contact center functionality and manage customer engagements right from Salesforce, eliminating the need to switch back and forth between applications. Along with this, customers can also add more cloud storage on Zoom Chat Center, use Solvvy by Zoom chatbot and upgrade an active voice call, web chat, or SMS to a video call. These exceptional services could help contact center agents to retain customers. Zoom Space provides flexibility to customers to reserve on-site resources such as phones, desks, rooms and spaces right from their mobile device with the Workspace Reservation integration on the Zoom app. Zoom Room displays have updated font, colors and layouts, making it convenient to identify important information such as the meeting schedule, room name and people count. The displays are now more organized with an improved, persistent in-meeting chat window, so that users can communicate without distracting notifications or blocking the presented content. This is enhanced by room tagging that manages Zoom Rooms based on the type of room, room function, room size and more. Participation in polls is another remarkable feature that allows one to voice opinions and creates an engaging experience for users. Zoom Events has been made simpler with all single-session events having the same features as multi-session events. The users of Marketo can now sync registration data like join link, registrant profile and status, attendance, and activity and engagement within the event in place of manual uploads. Lastly, Zoom IQ for Sales has added indicators that identify specific words, phrases, or sentences in recording transcripts so one can highlight critical moments in the conversations. What Lies Ahead for Zoom?
Zoom has gained significant traction from the coronavirus-induced remote-working. Total revenues in second-quarter fiscal 2023 were $1,099.5 million, up 8% year over year.
However, these new developments and features in its application mark a desperate effort by the company to retain the customers it is losing due to the shift to offline mode as the pandemic abates.
Though revenues have been immensely growing in the past years, the company believes that it will have to face a decline in its revenues in the upcoming quarters. It expects third-quarter fiscal 2023 to generate revenues between $1.095 billion and $1.100 billion. Zoom’s shares have declined 59.6% year to date against the Zacks Computer & Technology Sector, which declined 35% in the same time frame. This Zacks Rank #3 (Hold) company also faces stiff competition from Microsoft ( MSFT Quick Quote MSFT - Free Report) , Alphabet ( GOOGL Quick Quote GOOGL - Free Report) and Cisco ( CSCO Quick Quote CSCO - Free Report) . You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Microsoft’s shares have declined 29.7% year to date. Microsoft Teams recently added various new features like multi-language meeting invite control, multitasking panels for meetings on iPads, meeting chat bubbles on iOS and Android, and much more. Alphabet has declined 32.7% year to date. It recently rolled out an account-switching feature on Google Meet for users with multiple accounts on their devices, making it more convenient to use. Cisco’s shares have lost 36% year to date. It recently released Webex Calling features in the Webex Suite in June 2022 to improve work flexibility, reliability and audio quality.