Today, Wall Street exuberance around Zoom has somewhat waned as offices have looked to — haltingly — reopen and competitors have fought to catch up. Cisco, Microsoft and others have launched their own batteries of features for their competitive products, Webex and Teams, for similar use cases to Zoom’s newest additions. Zoom’s stock is down about 18% so far this year, down about 50% from its October 2020 peak.
In the face of renewed competition, Zoom’s CEO says he faced a stiffer landscape in 2011, when he launched Zoom in the face of established players. “So long as we focus on our customers, our employees and be paranoid, I think we’ll be okay,” he says.”The problem would be if we became arrogant, and didn’t listen.” He’s spoken in recent months with Microsoft CEO Satya Nadella , Salesforce CEO Marc Benioff and HP CEO Enrique Lores for support and advice.
But Zoom is thinking beyond video in its hopes of becoming a communications platform, he adds. “I think video communication is just the starting point. There’s a lot of use cases: anywhere, one click, at home, on the way in a Tesla car, at the office, you and I can talk to get things done. With live translation, using AR [artificial intelligence], VR [virtual reality] and AI [artificial intelligence], I think the future is super wide.
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