Money: Zoom is worth less than it was before the pandemic Update: LAYOFFS PAY CUTS

[playahaitian]

Zoom is worth less than it was before the pandemic

Zoom was a pandemic darling but now its stock price is falling back to earth

qz.com

Zoom is worth less than it was before the pandemic
May 16, 2022
in News

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The pandemic isn’t over, but the pandemic economy might be.
Zoom became a household name in March 2020 as millions of people were suddenly forced to work from their kitchens and bedrooms. Although video conferencing was far from a new technology, Zoom became the preferred application for almost every form of workplace communication.


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Just over two years later, travel restrictions are easing, the tech market is sagging amid rising interest rates, and Zoom’s stock price has fallen to pre-pandemic levels, down 83% from its all-time high in October 2020.
What happened to Zoom?
Videoconferencing emerged in the late 1990s with the introduction of WebEx (owned by Cisco since 2007) and was popularized for consumers through Skype (now Microsoft-owned) and Apple’s iChat. But in March 2020, Zoom found itself in the right place at just the right time.
When the pandemic hit the US, Zoom usage soared overnight—the software was ubiquitous for anyone working a desk job, or trying to stay connected to friends and family while social distancing. People even got married on Zoom. All that translated to the company’s bottom line: Sales were up 326% in 2020, to $2.6 billion, while profits rose to $672 million, from just $22 million in 2019.
While virtual-work competitors like Google (Google Meet) and Microsoft (Teams and Skype) offered similar products, Zoom represented a pure-play investment opportunity for investors seeking exposure to the budding remote work revolution. The company offers a free version of its product to consumers (with time restrictions on calls) but makes money through business-to-business sales.


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Zoom’s stock shot up during the first year of the pandemic: from $89 a share on Feb. 7, 2020, to a high of $559 in October. The mania was so dramatic that other publicly traded companies with Zoom-like names saw their stocks pop, too.
Tech stocks are in freefall
Since the beginning of this year, Zoom has lost about half of its market capitalization—dropping from $54 billion to $27 billion alongside a declining stock market.
Nor is Zoom the only pandemic darling to lose its shine: Since the beginning of 2022, Peloton is down 55%, Docusign is down 52%, and Netflix is down 68%, the last of these on the news that it’s actually losing subscribers now. Social media companies such as Meta (down 40%), Pinterest (down 40%), and Snap (down 48%) are suffering, too.
Just like the rest of us, it seems investors are experiencing Zoom fatigue attributable to a soured tech market, the threat of competition, and workers returning to the office. But Zoom isn’t alone—pandemic darlings are a thing of the past.
The post Zoom is worth less than it was before the pandemic appeared first on Quartz.

 

[playahaitian]

@tallblacknyc

 

[TEN]

 

[HotNixon36]

Pandemic, taught people how to live without shit they thought they needed.

 

[dasmybikepunk]

 

[Cannibal]

I doubt it will bounce back, but they are innovating. Microsoft is still kicking ass in this space because they bundle every fucking thing together with their productivity suite. MS is eating everyone's lunch, but if you ask your average person, what they prefer, they say Zoom for meetings and webinars.

 

[SPECTRE1]

They are thinking about security using a third party platform for internal corporate discussions. As I had mentioned with 5G hardware, the Chinese and Russians had their shit took from American spyware they were using probably. Whenever, they ban U.S. spyware, there is some dog whistle with intellectual property that I noticed. I believe the CFO, Meng was detained to silence the Chinese up.

Eric Yuan - Wikipedia

en.wikipedia.org

 

[xxxbishopxxx]

Pandemic, taught people how to live without shit they thought they needed.

No one needed Zoom before the pandemic because people wanted to do shit in person. Since people are desperate to go back to normal, live events, they are kicking zoom to the curb.

 

[SPECTRE1]

What is holding back working fully remote is third party intermediaries that you have to trust to have a video call, VOIP, email, chat, etc.... The internet needs to be re engineered to get rid of the middle man that allows the government to spy or some corporate entity. The internet will not reach its full potential.

Corporation forcing people to work in the office in the middle of a pandemic that has killed a million people is a red flag.

 

[bgbtylvr]

It’s going the way of Skype.

 

[playahaitian]

It’s going the way of Skype.

who really think it was completely cease to be useful?

 

[bgbtylvr]

who really think it was completely cease to be useful?

Not useless, easily duplicated.

 

[playahaitian]

Not useless, easily duplicated.

^^^^^

you on to something

I see people using google more and more

 

[CPT Callamity]

Zoom dominated during Covid because it was new and fairly convenient.
Microsoft caught up with Teams.
Google has always been around but folks act dumb when using it.
FB has a Messenger as does IG. Lot's of options nowadays since people are back outdoors.

 

[Hey Julian!]

It’s a stock and a tech stock in a down market where tech stocks have been hit the worst. Most stock gains are probably down below or at pre-pandemic. Zoom is still the go-to for online meetings. My company switched from Skype to Zoom during pandemic. We use Slack for messaging which integrates with Zoom quite well.

 

[tallblacknyc]

Many tech companies stock have shot down in the past few weeks.. zoom was a necessity during Covid cause schools and various jobs were all on stay home mode.. once students returned, jobs had workers come back to the office, and things opened up its usuage become less important..it was the stock at the moment.. also many tech companies have somewhat duplicated the whole online interactive screen time thing so now competition/alternatives are available.. so less neccessity and more alternatives made the stock drop significantly

 

[crossovernegro]

Was there ever anything special about zoom? Only used it a few times for family stuff early in the lockdown.

For work meetings...shit, at my company, we don't really want to be on camera...when someone accidentally turns their camera on during a team's meeting it's like "Fred, we don't need to see you eating your tuna sub....turn that shit off....and mute it too mufucka!!!"

 

[jack walsh13]

Was there ever anything special about zoom? Only used it a few times for family stuff early in the lockdown.

For work meetings...shit, at my company, we don't really want to be on camera...when someone accidentally turns their camera on during a team's meeting it's like "Fred, we don't need to see you eating your tuna sub....turn that shit off....and mute it too mufucka!!!"

 

[Tito_Jackson]

It's because they didn't keep up and allowed competitors to come in and out innovate them. Zoom did the same thing to Skype. We now use Microsoft Teams exclusively now. No time limits, no participant limits, easier to integrate with outlook and other products. And most of all.....the cost.

 

[DWBass]

My job used Zoom for a minute but now uses Teams.

 

[SamSneed]

Nigga I fell asleep on a zoom meet for harris county court lol

I was a witness

they put me on hold, I’m in the work truck, it’s after 230

clerk was like the video froze I think, they called me but phone was on silent

now they want trial by jury, I’m dead

fuck zoom

 

[dasmybikepunk]

Nigga I fell asleep on a zoom meet for harris county court lol

I was a witness

they put me on hold, I’m in the work truck, it’s after 230

clerk was like the video froze I think, they called me but phone was on silent

now they want trial by jury, I’m dead

fuck zoom

Damn how blown your mind would be doing hard time not wholly but circumstantially because of a fucking glitch...

I think the appeals courts would let them out tho' if there is proof...

 

[gene cisco]

It's because they didn't keep up and allowed competitors to come in and out innovate them. Zoom did the same thing to Skype. We now use Microsoft Teams exclusively now. No time limits, no participant limits, easier to integrate with outlook and other products. And most of all.....the cost.

Yeah, I just tell folks to set shit up and send the fucking link. So it can be google, zoom, etc. Used to be zoom was more popular. Not anymore.

But from a stock perspective, we knew shit was coming. Everyone getting whacked. No one following is surprised or is bagholding.

 

[Da Backshot Champ]

I doubt it will bounce back, but they are innovating. Microsoft is still kicking ass in this space because they bundle every fucking thing together with their productivity suite. MS is eating everyone's lunch, but if you ask your average person, what they prefer, they say Zoom for meetings and webinars.

Fuck, this is my office. Even though our whole system is Teams integrated, motherfuckers insist on using Zoom. Somebody can't sign into Zoom with the passcode, 40 minute time limit meetings, and a host of other fuckshit.

 

[YoungSinister]

I’ve been looking for their music for years. Props

 

[SamSneed]

Damn how blown your mind would be doing hard time not wholly but circumstantially because of a fucking glitch...

I think the appeals courts would let them out tho' if there is proof...

That’s on them lol

 

[jack walsh13]

Nigga I fell asleep on a zoom meet for harris county court lol

I was a witness

they put me on hold, I’m in the work truck, it’s after 230

clerk was like the video froze I think, they called me but phone was on silent

now they want trial by jury, I’m dead

fuck zoom

 

[jack walsh13]

I PLAY MY GUITAR AND BASS IN THE BASEMENT DURING TEAMS STAFF MEETINGS FUCK DEM MUTHAFUCKAS. They ain't sayin anything of importance I care about.

 

[playahaitian]

Zoom will lay off 1,300 employees and CEO is taking a massive pay cut

Zoom on Tuesday said it will lay off about 1,300 employees, or approximately 15% of its staff, becoming the latest tech company to announce significant job cuts as a pandemic-fueled surge in demand for digital services wanes.

www.cnn.com

Zoom will lay off 1,300 employees and CEO is taking a massive pay cut
By Catherine Thorbecke, CNN
Updated 5:46 PM EST, Tue February 7, 2023



CNN —
Zoom on Tuesday said it will lay off about 1,300 employees, or approximately 15% of its staff, becoming the latest tech company to announce significant job cuts as a pandemic-fueled surge in demand for digital services wanes.
In a memo to employees, Zoom’s CEO Eric Yuan said the layoffs would impact every part of the organization. Yuan also said he and other executives would take a significant pay cut, after acknowledging he made “mistakes” in how quickly the company grew during the pandemic.
“As the CEO and founder of Zoom, I am accountable for these mistakes and the actions we take today– and I want to show accountability not just in words but in my own actions,” he wrote. “To that end, I am reducing my salary for the coming fiscal year by 98% and foregoing my FY23 corporate bonus.”


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Yuan said members of the executive leadership team will reduce their base salaries by 20% for the coming fiscal year and forfeit their fiscal year 2023 bonuses.
Shares of Zoom rose nearly 9% in midday trading Tuesday following the announcement.
Zoom, more than most companies, came to define the early days of the pandemic, as many turned to its platform to video chat with friends and colleagues during lockdowns. By mid-2020, Zoom reported skyrocketing revenue fueled by a spike in business customers from the many companies forced to turn to remote work.
Yuan said the company staffed up “rapidly” during the early days of the pandemic to support the boom in demand as many turned to its platform to video chat with friends and colleagues. “Within 24 months, Zoom grew 3x in size to manage this demand while enabling continued innovation,” Yuan wrote.
Zoom stock declined significantly last year, however, as more workers returned to office life.
Zoom is far from the only pandemic darling to experience a sharp comedown. Peloton, for example, has gone through several rounds of layoffs. Much of Big Tech, which also grew fast during the pandemic, has since announced layoffs, too.
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And late Tuesday, eBay (EBAY) said in a regulatory filing that it would cut about 500 jobs globally — about 4% of its employee base — during the next 24 hours.

 

[playahaitian]

Many tech companies stock have shot down in the past few weeks.. zoom was a necessity during Covid cause schools and various jobs were all on stay home mode.. once students returned, jobs had workers come back to the office, and things opened up its usuage become less important..it was the stock at the moment.. also many tech companies have somewhat duplicated the whole online interactive screen time thing so now competition/alternatives are available.. so less neccessity and more alternatives made the stock drop significantly​

you still undefeated >>>>>