Zoom stock price crashes

Source: Dukascopy Bank SA


The stock price of Zoom Video Communications started the day with an opening 13.20% below the previous market closing price. Namely, a drop from $97.49 down to $84.62 occurred.

The reason for the event was the publication of the company's quarterly results. Despite beating earnings per share by 10.51%, the total revenue of the company failed to meet expectations. In general, the company's revenue growth had hit a record low level.

In addition, the company announced that it is cutting its 2022 profit forecasts, as demand for video-conferencing appears to be declining. Moreover, competitors like Microsoft Teams and Cisco WebEx have been observed to be taking away a part of the market.
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