Video chat app Zoom unveils new products as its stock nosedives

As countries reopen and millions rejoin offices, video collaboration and chat app Zoom has seen a massive erosion in its stock value, nearly 80 per cent, from its high in 2020. The demand for Zoom soared in the two years of the pandemic as companies shut offices and employees had to work from home. Remote learning and telemedicine also gave a boost to Zoom Video's cloud-based services.

Now, the growth of Zoom has slowed down as in-person meetings resume and schools/colleges reopen. Zoom is now undergoing a year of transition in 2022. Alarmed at its slow user growth, the company has unveiled latest innovations in the Zoom platform to help businesses improve customer and employee experiences for the new 'work anywhere' workforce.

For example, 'Zoom IQ for Sales' is a conversation intelligence solution for sales professionals, as well as new Zoom Events and Webinar functionalities such as backstage and Webinar session branding aim to put engagement at the centre of the experience and transform the way we work, connect, and collaborate.

The new products announcements helped Zoom stock zoom 8 per cent on Wednesday. "Following our recent launch of Zoom Contact Centre, Zoom IQ for Sales, and our latest Zoom Events innovations mark further steps in Zoom's journey to establish new heights for customer experiences and flexible collaboration across the workforce," said Oded Gal, Chief Product Officer at Zoom.