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Zoom cuts annual revenue forecast on slow online business

Zoom chief financial officer Kelly Steckelberg said during a post-earnings call that the company's online business would decline nearly 8% during the year.

November 22, 2022 / 06:25 AM IST
Zoom became a household name and an investor favorite as the pandemic clamped down on activity and businesses and schools adopted its services to hold virtual classes and office meetings. (Image: Reuters)

Zoom became a household name and an investor favorite as the pandemic clamped down on activity and businesses and schools adopted its services to hold virtual classes and office meetings. (Image: Reuters)

Zoom Video Communications Inc on Monday lowered its annual revenue forecast, as the video-conferencing platform expects a hit from declining online business.

Zoom chief financial officer Kelly Steckelberg said during a post-earnings call that the company's online business would decline nearly 8% during the year.

After recording blistering growth during the pandemic, Zoom, which competes with WeChat Work, Microsoft Teams, Cisco WebEx and Slack, is facing a slowdown as red-hot inflation is dampening the spending power of customers.

The easing of pandemic-related restrictions across the world is also weighing on its business as people started spending less time online.