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Zoom Video (ZM) Starts Partnership With Major League Baseball

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Zoom Video Communications (ZM - Free Report) and Major League Baseball (MLB) announced a first-of-its-kind partnership with the aim to enhance MLB games and viewer’s experience. Zoom will now be the official unified communications platform of MLB. Zoom Contact Center and Zoom platform technology will bring new elements for the League games and broadcasts.

Last year, MLB season 2022 had more than 1,400 replay views. The technology used for these reviews had audio only with the umpire, which caused a disconnection with the audience. This season, the umpires will connect the audience using Zoom Replay Operations Center utilizing Zoom Contact Center for the reviews. On MLB network and AppleTV+, viewers will see Zoom Replay Operations Center live where an expert would discuss the review.

Zoom platform will also be used to deliver confidential information of the 2023 MLB draft on day one. This is one of the most high-profile and high-pressure MLB events.

Zoom’s all-in-one collaboration platform is also integrated with broadcast outlets, platforms and MLB clubs. MLB teams are also using Zoom phone to connect with colleagues and Zoom Contact Center to interact with fans. MLB’s corporate offices use Zoom Rooms, Zoom Meetings, Zoom Webinar and Zoom Phone to always stay connected.

Zoom’s New Innovations to Boost Top Line

In 2023, management is looking to boost the top line by constantly providing innovative products. It intends to provide immersive experiences to increase employee engagement and supply modern tools for new ideas across geographies and modalities.

Management also wants to empower its customers with the new trend of artificial intelligence (AI) tools and large language models. Zoom IQ and Zoom Virtual Agent are similar AI tools which have already been released. The company wants to embed AI in more workflows and provide an immersive experience.

Zoom One bundle, a new innovative technology, helped Zoom Phone to gain more than 5.5 million seats, exceeding all the expectations in the fourth quarter. This has made Zoom Phone a clear leader in the space.

In the first quarter of financial year 2024, the company expects growth in revenues of approximately 1% year over year. Management wants to maintain a balance between growth and profitability.

The company forecast stagnant growth in the coming quarter, which, management believes, can be accelerated through innovation only. Innovations would help them provide better value to customers, while also attaining sustainable growth.

Zacks Rank & Stocks to Consider

Zoom Video Communications currently has a Zacks Rank #3 (Hold).

Some top-ranked stocks in the Computer and Technology sector are TrueCar (TRUE - Free Report) , Udemy (UDMY - Free Report) and Thermon (THR - Free Report) . Currently, TrueCar and Udemy carry a Zacks Rank #2 (Buy), while Thermon sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Shares of TRUE have declined 41.4% in the past year. The Zacks Consensus Estimate is pegged at a loss of 13 cents per share, unchanged over the past 30 days.

Shares of UDMY have contracted 22.4% in the past year. The Zacks Consensus Estimate is pegged at a loss of 14 cents per share, fallen from a loss of 11 cents per share over the past 30 days.

Shares of THR have risen 40.8% in the past year. The consensus mark for earnings is pegged at 41 cents per share, which has remained unchanged over the past 30 days.

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