Zoom renames chat app, adds exceptional features to compete with rivals

By bfnadmin  | Date: 2022-09-14

Zoom renames chat app, adds exceptional  features to compete with rivals

Zoom Video Communications Inc. has reportedly announced that it has renamed its chat app and introduced new features, including third-party connectivity, to compete with rivals such as Slack and Microsoft Teams.

Additionally, Zoom Chat app, now called Zoom Team Chat, will also include functions like the ability to share an in-meeting chat with Team Chat as well as schedule a meeting from a chat or channel; these additions will be released by the end of September 2022.

Notably, The communication technology company, which competes with Microsoft Teams, Webex by Cisco, WeChat Work, and Slack, faces a challenging task in recruiting high-paying clients to sustain its growth at a time when many businesses are turning to hybrid work.

During the COVID-19 pandemic, Zoom achieved triple-digit sales growth at the height of the crisis as people confined at home used video conferencing to communicate with each other, making its pandemic stock rise  1% to USD 83.43.

However, the company’s year-to-date loss accounts for 55%, which propelled the company to lower its annual profit and sales predictions last month as demand eases from epidemic high.

It is worth noting that Zoom Video Communications announced that its fiscal second-quarter results were the toughest yet for the videoconferencing company.

Revenue for the fiscal quarter ended July 31, 2022, increased by only 8% year on year to approximately USD 1.1 billion which was nearly 2% behind the midpoint of Zoom's guidance range, and it fell short of Wall Street's average forecast for the first time since the company went public in 2019.

The video conferencing application also marked the company's first instance of single-digit growth on record, bringing videoconferencing to the home-bound masses. Over the preceding eight quarters, Zoom's year-over-year growth averaged 176%.

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