Is this major trend working against Zoom (ZM)?

May 20, 2024

You've probably heard a couple of your buddies complaining about the same thing recently: their office is requiring them to return to in-person work. In a building. That isn't their home.

RTO (return to office) is a major trend unfolding in 2024 as companies realize that loose policies led to lower productivity among employees several years post-pandemic.

Boeing, UPS, Nike, Amazon... we could keep going.

Bottom line: the hybrid work model isn't cutting it -- and remote work definitely isn't.

This is the first trend working against Zoom.

The other is related to how large enterprises work.

Consider if you work for a large company: how much say do you have in which office tools you use? If your company uses Microsoft Teams, you're using Microsoft Teams. If it uses Slack, you're on Slack.

Zoom has done a good job of courting some large names (for instance, Diageo, a leading global beverage company which it thanked on its last earnings call.) Last quarter ZM enterprise customers increased slightly to 220,400. But this growth is slowing down (see below).

ZM's growth hopes are now also hinged on...

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