{"id":12476,"date":"2023-05-23T05:11:47","date_gmt":"2023-05-23T09:11:47","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/zoom-had-a-good-quarter-but-its-still-struggling-to-escape-microsofts-shadow\/"},"modified":"2023-05-23T05:11:48","modified_gmt":"2023-05-23T09:11:48","slug":"zoom-had-a-good-quarter-but-its-still-struggling-to-escape-microsofts-shadow","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=12476","title":{"rendered":"Zoom Had a Good Quarter. But It\u2019s Still Struggling to Escape Microsoft\u2019s Shadow."},"content":{"rendered":"
\n
<\/p>\n
<\/p>\n<\/figure><\/div>\n

\n Zoom Video Communications
\n is struggling to join in this year\u2019s rally in technology stocks. Even a surprise earnings beat didn\u2019t seem enough to dispel concerns about\u00a0lower corporate spending and competition from rivals such as
\n Microsoft.<\/span>\n <\/p>\n

The videoconferencing company\u2019s shares briefly rose nearly 5% in after-hours trading Monday after first-quarter earnings topped expectations. However,
\n Zoom
\n (ticker: ZM) shares gave up those gains and were down 0.8% in premarket trading on Tuesday.\u00a0The stock is up 5% this year so far, against a 22% rise in the tech-heavy Nasdaq Composite Index. <\/p>\n

\n

KeyBanc analysts led by Thomas Blakey kept a Sector Weight rating on the stock after the earnings report, noting Zoom\u2019s Enterprise segment is expected to slow to somewhere more than 3% growth in the second half of the company\u2019s fiscal year, compared with 13% growth for its first quarter.\u00a0<\/p>\n

\u201cWe believe Zoom remains well-positioned to benefit from secular hybrid work and related digital collaboration trends but remain SW [Sector Weight] given continued growth deceleration,\u201d the KeyBanc analysts wrote.\u00a0<\/p>\n

A key concern for the market is whether Zoom\u2019s growth will be limited by companies cutting back their spending on video-conferencing tools and choosing competitors such as Microsoft (MSFT) and its Teams product. Microsoft recently launched a premium version of its Teams product with artificial-intelligence integration.\u00a0<\/p>\n

\u201cI don\u2019t think that the adjustment that you\u2019re seeing is necessarily related to competition and more due to, as we expected, some distraction internally due to the reorganization,\u201d Zoom\u2019s Chief Fianancial Officer Kelly Steckelberg told analysts on an earnings call, when asked about competitive pressures.<\/p>\n

Zoom said in February it would cut 15% of its workforce after rapidly increasing staff numbers to meet increased demand during the Cocid-19 pandemic.<\/p>\n

Write to Adam Clark at adam.clark@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Zoom Video Communications is struggling to join in this year\u2019s rally in technology stocks. Even a surprise earnings beat didn\u2019t seem enough to dispel concerns about\u00a0lower corporate spending and competition from rivals such as Microsoft. The videoconferencing company\u2019s shares briefly rose nearly 5% in after-hours trading Monday after first-quarter earnings topped expectations. However, Zoom (ticker: […]<\/p>\n","protected":false},"author":1,"featured_media":12477,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-12476","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nZoom Had a Good Quarter. 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