Zoom Stock Price Plummets Since the Covid-19 Pandemic Subsided

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Cindy Mutia Annur 11/08/2023 14:30 WIB

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Zoom Video Communications, Inc. (ZM) stock price has shown a declining trend over the past year. This is due to the waning Covid-19 pandemic situation.

Zoom Video Communications, Inc. Stock Price Movement (April 18, 2019 - August 10, 2023)

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Zoom Video Communications, Inc. Stock Price Movement (April 18, 2019 - August 10, 2023)

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Zoom Video Communications, Inc. (ZM) stock price has declined over the past year, coinciding with the waning of the Covid-19 pandemic.

During the first year of the pandemic, the stock price of this online video conferencing company based in San Jose, California, experienced explosive growth. This occurred as many companies shifted from in-office work to remote work, or work from home (WFH).

However, as Covid-19 infection rates decreased, many companies returned to in-office work. As a result, demand for Zoom's services decreased, leading to a weakening of its stock price.

According to Yahoo Finance data, Zoom's stock price at the start of the pandemic in March 2020 was above US$100 per share. It then surged to US$559 per share on October 16, 2020, its highest record since its listing on the Nasdaq stock exchange in April 2019.

Zoom's stock price then began a sharp downward trend from mid-2021, falling to US$67.47 per share as of Thursday, August 10, 2023.

According to CNN International, in addition to its weakening stock price, the decline in demand for Zoom's services also led the company to cut 15% of its workforce, approximately 1,300 employees, in February 2023.

Company executives also reportedly reduced their base salaries by 20% for the upcoming fiscal year and forfeited their fiscal year 2023 bonuses.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Zoom Stock Price Plummets Since the Covid-19 Pandemic Subsided

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