🔀 Bang Bang. Zoom Hit The Ground. Bang Bang. Bears Shot It DownZoom company's video-conferencing service became so ubiquitous during the Covid-19 pandemic that its corporate name became a verb describing the act of firing up a video chat to connect with coworkers online.
Zoom shares VIE:ZOOM rose seven-fold in 2020 as sales surged after millions of workers were stuck at home because of COVID-19 restrictions. By 2021, though, revenue growth slowed, and the stock plunged. The company has shed at least $100 billion in market value since then.
Meanwhile over the past two years, the stock has stagnated because Zoom's video-conferencing service is needed less as businesses continue pushing staff back to the office.
Zoom, one of the main enablers and beneficiaries of remote work, in August 2023 has asked its employees to head back to the office. The company announced that employees living within 50 miles of a Zoom office must work there at least two days a week.
"We believe that a structured hybrid approach – meaning employees that live near an office need to be onsite two days a week to interact with their teams – is most effective for Zoom," a spokesperson said in a statement. "As a company, we are in a better position to use our own technologies, continue to innovate, and support our global customers."
As pandemic Covid-19 is over, many other companies have announced return-to-office mandates, but Zoom's change of heart is surprising given the role its technology plays in remote work. The company's video-conferencing service became so ubiquitous during the pandemic that its corporate name became a verb describing the act of firing up a video chat to connect with coworkers online.
People are back to Travelling. The annual graph for NYSE:RPM , Revenue Passenger Miles for U.S. Air Carrier Domestic and International, Scheduled Passenger Flights.
Meanwhile, there're some important things to say.
Warren Buffett's 99-year-old business partner, Charlie Munger, was surprisingly embraced Zoom during the pandemic. Eric Yuan, the founder and CEO of the video-conferencing platform, celebrated the veteran investor's endorsement of his product on an earnings in 2021.
"I have fallen in love with Zoom," Munger, the vice-chairman of Berkshire Hathaway, said in a CNBC interview filmed at Berkshire's annual shareholder meeting in May, 2021.
"Zoom is here to stay. It just adds so much convenience."
• Munger added that he struck a deal in Australia using the communications tool. He trumpeted its prospects at Daily Journal's annual meeting in February, 2021 as well.
• When the pandemic is over, I don't think we're going back to just the way things were," the newspaper publisher's chairman said.
• We're going to do a lot less travel and a lot more Zooming.
Charlie loves Zoom and uses it frequently for business and to keep in touch with his family, as it's difficult for him to travel.
His business advice was to build a better product or offer a better solution, that it's all about competition, and that successful people are those with the acumen to understand life better than everyone else. He said it's up to you to work harder and better than the next person.
Charlie also said investments are better than money in the bank, and it's important to go to the office to work in person.
The main graph says, Zoom equities just hit the major all history ground support near $59 per share.
