{"id":68575,"date":"2023-10-04T07:07:53","date_gmt":"2023-10-04T11:07:53","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/zoom-takes-on-microsoft-google-with-its-own-souped-up-word-processing-app\/"},"modified":"2023-10-04T07:07:55","modified_gmt":"2023-10-04T11:07:55","slug":"zoom-takes-on-microsoft-google-with-its-own-souped-up-word-processing-app","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=68575","title":{"rendered":"Zoom takes on Microsoft, Google with its own souped-up word-processing app"},"content":{"rendered":"
\n

Zoom Video Communications Inc.\u2019s stock has been battered by a two-pronged menace in the post-lockdown era: A gradual return to work and blistering competition from Microsoft Corp. and Alphabet Inc.\u2019s Google.<\/p>\n

Both factors have played a key role in suppressing Zoom shares
\n ZM,
\n -2.95%<\/bg-quote>,<\/span>
\n which have been flat this year vs. a 10% hike by the broader S&P 500 index
\n SPX.<\/span>
\n Zoom shares declined 3% in trading Tuesday.<\/p>\n

\n

On Tuesday at the company\u2019s annual conference, Zoom unveiled its own super-charged word-processing application and answer to Microsoft
\n MSFT,
\n -2.61%<\/bg-quote>
\n Teams, the communications suite that has been siphoning business from Zoom\u2019s web-based videoconferencing service, as well as Alphabet\u2019s
\n GOOGL,
\n -1.30%<\/bg-quote><\/p>\n

GOOG,
\n -1.38%<\/bg-quote>
\n Google Docs.<\/p>\n

Zoom Docs includes AI capabilities that will help users draft, edit, summarize and change tones as well as include items from meeting discussions.<\/p>\n

The company said Zoom Docs will make it easier for workers to collaborate on a document within current Zoom products so they don\u2019t have to toggle between tabs or apps. <\/p>\n

\u201cImagine a document suite with generative AI and all its benefits,\u201d Zoom Chief Financial Officer Kelly Steckelberg\u00a0said in an interview Tuesday afternoon. \u201cIt expands on our vision of Zoom as a platform to spend your day and do your job.\u201d<\/p>\n

Zoom\u2019s new product is a rejoinder to Microsoft and Google, both of whom have been rolling out AI features to help automate tasks such as drafting and editing in Google Docs and Microsoft Word.<\/p>\n

The so-called collaborative applications market, which include web conferencing and virtual-event tools, is considered crucial as more enterprises embrace the power of AI. Zoom is a player, at 11% of the market last year, lagging Microsoft (about 30%) and Google (13.5%), according to market researcher IDC.<\/p>\n

Zoom reported 218,100 enterprise customers at the end of the second quarter, up 7% from a year ago.<\/p>\n<\/p><\/div>\n<\/div>\n

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

Zoom Video Communications Inc.\u2019s stock has been battered by a two-pronged menace in the post-lockdown era: A gradual return to work and blistering competition from Microsoft Corp. and Alphabet Inc.\u2019s Google. Both factors have played a key role in suppressing Zoom shares ZM, -2.95%, which have been flat this year vs. a 10% hike by […]<\/p>\n","protected":false},"author":1,"featured_media":68576,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-68575","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nZoom takes on Microsoft, Google with its own souped-up word-processing app | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Zoom Video Communications Inc.\u2019s stock has been battered by a two-pronged menace in the post-lockdown era: A gradual return to work and blistering\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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