Welcome to our dedicated page for Zoom Communications news (Ticker: ZM), a resource for investors and traders seeking the latest updates and insights on Zoom Communications stock.
Zoom Video Communications, Inc. is a leading provider of communication technology, specializing in video conferencing, online meetings, and group messaging. Founded in 2011 and headquartered in San Jose, California, Zoom has revolutionized how people connect, collaborate, and communicate in the digital age. Zoom's cloud-native platform enables seamless face-to-face video interactions, connecting users across a wide range of devices and locations, including Windows PC, Mac, iOS, Android, Zoom Rooms, and H.323/SIP room systems. The company's mission is to create a people-centric cloud service that enhances real-time collaboration and improves communication quality and effectiveness.
Zoom has achieved significant milestones, including being named a New Leader in the 2016 Gartner Web Conferencing Magic Quadrant, and earning spots on the Forbes Cloud 100 list and the JMP Hot 100. As of recent developments, Zoom has introduced innovative product offerings such as the Zoom Contact Center, which now serves over 700 customers globally. This platform includes advanced AI solutions, omnichannel capabilities, and workforce management tools, providing exceptional value for businesses of all sizes.
Financially, Zoom continues to show strong performance, with a notable increase in free cash flow and profitability. In the fiscal year ending January 31, 2024, Zoom reported a free cash flow of $1,471.9 million, representing a 32.5% margin. Furthermore, Zoom has announced a stock repurchase program of up to $1.5 billion, reflecting its confidence in the company's long-term growth prospects.
Zoom's commitment to innovation is evident in its continuous introduction of new features and products. The company recently unveiled the Zoom AI Companion, a generative AI digital assistant designed to boost productivity and team effectiveness. This AI companion is offered at no extra charge with a paid license, further democratizing access to advanced AI tools.
Additionally, Zoom has formed strategic partnerships to enhance its offerings. A notable collaboration with Avaya integrates Zoom's AI-powered platform with Avaya’s Communication and Collaboration Suite, providing enterprise customers with sophisticated, user-friendly solutions without disrupting existing systems. Zoom's Workplace platform, powered by AI, is designed to streamline communications, increase engagement, and improve productivity for businesses worldwide.
Zoom Video Communications (NASDAQ: ZM) announces the launch of "Zoom Where It Happens," a live table read series aimed at promoting voting rights. The series features renowned Black women artists and will stream every Tuesday night until Election Day 2020. The first episode stars Regina King, Tracee Ellis Ross, Alfre Woodard, and Sanaa Lathan in a re-enactment of a classic "Golden Girls" episode. Viewers can register for free access and receive election information. The initiative aims to engage and mobilize voters while supporting organizations focused on civic engagement.
Zoom Video Communications reported a remarkable revenue growth of 355% year-over-year for Q2 FY21, totaling $663.5 million. The number of customers generating over $100,000 in revenue surged by 112%, while those with more than 10 employees increased 458%. The company raised its full year revenue outlook to approximately $2.37 billion to $2.39 billion, reflecting an expected 281% to 284% increase year-over-year. For Q3 FY21, projected revenue is between $685 million and $690 million.
Zoom Video Communications, Inc. (NASDAQ: ZM) has partnered with the United States Tennis Association (USTA) to enhance the virtual experience during the US Open Tennis Championships from August 31 to September 13, 2020. This collaboration includes two exclusive VIP virtual hospitality events featuring interactions with tennis legends and culinary tutorials. Additionally, a celebrity-hosted fundraising gala will support the USTA Foundation's 'Rally To Rebuild' campaign, honoring healthcare workers through a virtual interview series. This innovative approach highlights Zoom's commitment to engaging customers through virtual platforms.
On August 25, 2020, Zoom Video Communications (NASDAQ: ZM) announced a partnership with Cardinal Health, involving over 17,000 users who will utilize Zoom's unified communications platform. This move aims to enhance workflow and team connectivity across 46 countries. Cardinal Health selected Zoom for its reliability and quality of service, allowing for improved collaboration and modern workplace experiences. The partnership highlights the increasing importance of video communications in the healthcare sector.
Zoom Video Communications (NASDAQ: ZM) is expanding its Zoom for Home service to popular smart displays including Amazon Echo Show, Portal from Facebook, and Google Nest Hub Max. This move is aimed at enhancing remote work capabilities as a recent study indicates a significant increase in remote work preferences. Zoom on Portal will be available in September, while the other devices will see availability by year-end. Features include calendar integration and high-definition video calls, designed to facilitate both personal and professional connections.
Zoom Video Communications (NASDAQ: ZM) has announced the general availability of its Zoom Phone service in 25 additional countries, expanding its local telephone service to over 40 regions worldwide. The new Global Select plan allows businesses to simplify communications with a single pricing structure. The Zoom Phone Pro plan starts at $8 per user per month. This expansion aims to help companies transition from legacy systems to a unified communications platform, enhancing global telephony performance and customer experience.
Zoom Video Communications, Inc. (NASDAQ: ZM) is set to announce its second-quarter fiscal year 2021 results on August 31, 2020, after market close. A live webinar will begin at 2:30 pm PT / 5:30 pm ET, accessible via Zoom’s investor website. The replay will be available for a week afterward. Founded in 2011, Zoom specializes in video-first communication solutions that enhance collaboration through integrated tools for businesses.
Zoom Video Communications (NASDAQ: ZM) announced that Cole, Scott & Kissane (CSK), Florida's largest law firm, has adopted its video-first platform. CSK credits Zoom for its ability to navigate the COVID-19 pandemic without layoffs or pay cuts. The firm has utilized Zoom for daily legal proceedings, including the first Zoom oral argument in Florida and its first virtual jury trial. CSK's CIO highlighted Zoom's robust security and user-friendly design as critical for business continuity during uncertain times. Zoom's platform has enabled CSK to continue hiring and maintain client engagement through webinars.
Zoom Video Communications (NASDAQ: ZM) is expanding in India with a new technology center in Bangalore, aimed at hiring key talent over the next few years. This move follows a striking 6700% growth in free user sign-ups in India from January to April 2020. The Bangalore center will enhance Zoom's R&D capabilities and further support its engineering leadership. Eric S. Yuan, CEO, emphasized India's strategic importance and the company’s commitment to offer services to over 2,300 educational institutions during the pandemic.
Zoom Video Communications (NASDAQ: ZM) has partnered with Formula 1 to launch the Virtual Paddock Club Experience, enhancing fan engagement during the 2020 racing season. This innovative approach aims to offer hospitality experiences amidst pandemic restrictions, allowing guests to connect remotely. Over 300 million daily meeting participants used Zoom's platform in April 2020, marking a record for the company. Formula 1 plans to expand this virtual hospitality model for its global partners and teams, providing unique opportunities despite ongoing challenges in live sports.
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