Although Zoom stock ( NASDAQ:ZM ) beat the S&P 500 in terms of profits, that significant run is now gone. As the business refocuses on corporate clients, will Zoom stock prosper once more?
Microsoft (MSFT), with its Teams messaging tools for big and small enterprises, is impeding progress.
Microsoft Teams and Zoom are in a two-horse battle for the video conferencing industry, Morgan Stanley analyst Meta Marshall recently wrote in a note to clients.
The tools of Zoom have recently been renamed Zoom Team Chat. It announced new ServiceNow and Atlassian (TEAM) connections (NOW).
Zoomtopia, an upcoming client convention, is one potential trigger for ZM stock. On November 8 and 9, it will take place. Analysts predict that Zoom Video will introduce new products and revise its business plan.
Considering the market downturn and the Fed’s recent rate increases, investors should exercise caution while making any purchases.
Zoom Stock: Downgraded 2023 Prospects
In the midst of Nasdaq composite volatility thus far in 2022, ZM stock has fallen by roughly 60%. Zoom stock has underperformed the 25%-down S&P 500.
Growth-oriented software equities are still in trouble. The iShares Expanded Tech-Software ETF (IGV), a frequently followed indicator of software performance, is down 39% in 2022. September saw a more than 11% decline in the software index.
On the good side, Zoom Video’s balance sheet as of July 31 showed $5.5 billion in cash.
While forecast fell short of Wall Street expectations due to sluggish consumer and small business sales, Zoom Video announced mixed results for the July quarter. In contrast to prior projections of 11% growth, the updated fiscal 2023 revenue estimate now calls for 7% year-over-yea...
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