Zoom shares down 90% from peak as pandemic boom fades

Shares of Zoom Video Communications have tumbled about 90 percent from their pandemic peak in October 2020 as the company struggles to adjust to a post-COVID world.

The stock was down nearly 10% on Tuesday after Zoom cut its annual sales forecast and posted its slowest quarterly growth, prompting at least six brokerages to cut their price targets.

The company, which became a household name during lockdowns due to the popularity of its video-conferencing tools, is trying to reinvent itself by focusing on businesses, with products such as cloud-calling service Zoom Phone and conference-hosting offering Zoom Rooms.

Analysts, however, say any turnaround in the business is still a few quarters away as growth in its mainstay online unit slows and competition from Microsoft Teams, Webex and Slack gets intense.

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