Focus on video communications ZM recently held its annual Zoomtopia event on November 7-8, where it revealed it had partnered with two major companies to add its service to them.
The first announced partnership was with Tesla to bring its video conferencing platforms to the company’s cars. While further details on how the video conferencing platform will work with Tesla vehicles have not been disclosed, it is widely reported that the app will likely use the in-cab camera above the rearview mirror.
Next, Zoom partnered with AMC Theaters to bring Zoom Rooms to select AMC locations in 17 cities across the United States. Zoom Rooms at AMC will allow organizations to bring people from different markets together for virtual and in-person events.
All users will be assigned a three-hour time slot to host their event with the necessary materials provided by AMC and Zoom.
New Features Revealed in Zoomtopia Also Help Business Growth
Along with the partnerships, Zoomtopia also revealed some improvements Zoom has made to its existing services and some new features they will be launching soon.
The company has added hosted and third-party email and calendar services directly into the Zoom app, which will allow users to access their email and calendar without having to leave Zoom as it will be integrated into the Zoom app. Zoom meeting.
Users can now quickly access their communications and planning and perform their work more efficiently.
Zoom Video Communications, Inc. Pricing and Consensus
Zoom Video Communications, Inc. price-consensus-table | Zoom Video Communications, Inc. Quote
Zoom has launched a virtual coworking space called Zoom Spots, which is a persistent, video-enabled space built into the Zoom platform to help foster engaging discussions to keep colleagues connected. This feature will be available from early 2023.
Zoom also unveiled Virtual Agent, an intelligent, conversational AI and chatbot solution that works across multiple support channels and uses natural language processing and machine learning to quickly understand and resolve customer issues in a virtual environment. of contact center.
The feature can be fully integrated with Zoom Contact Center or offered as a standalone chatbot.
Zoom One is also boosting its capabilities. He created a new integration between Team Chat and In-Meeting Chat, creating an “always on” feature so users can switch between Team Chat and Meetings to continue the conversation after meetings.
These newly designed features are expected to drive efficiency and cost savings within organizations and gain traction with their employees and customers.
What awaits Zoom in the near future?
Zoom has been striving for some time to improve functionality for users. But what constitutes a major headwind for this Zacks No. 3 (Hold) ranked company is the strengthening US dollar and macroeconomic conditions, which have impacted new online sales. Zoom expects online activity to decline 7-8% year-over-year for fiscal 2023.
You can see the full list of today’s Zacks #1 Rank (Strong Buy) stocks here.
For the third quarter of 2023, revenue is expected to be between $1.095 billion and $1.1 billion, flat from the prior quarter.
Zoom’s share has fallen 55.3% year-to-date compared to Zacks’ IT and technology sector, which has fallen 37.9% over the same period.
On top of that, Zoom is also facing stiff competition from Microsoft MSFT, Alphabet Google T Cisco CSCO.
Microsoft shares have fallen 27.7% since the start of the year. Microsoft Teams now allows users to create a short video clip in chat. The recipient of the video clip can reply with a message or a video clip of their own.
Alphabet is down 35.1% since the start of the year. It has started rolling out an update that lets users schedule and join meetings, add virtual backgrounds, in-meeting chats and more, in addition to existing video calling features.
Shares of Cisco have lost 27.9% since the start of the year. It released Webex Calling features in the Webex Suite to improve work flexibility, reliability, and audio quality.
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