Zoom announces first billion-dollar quarter amid slowing growth

Zoom posted its first billion-dollar quarter in the company’s history, but warned of a faster than anticipated return to the office driving down demand.

The company forecast its third-quarter revenue of between $1.015bn and $1.020bn, but suffered a sharp share price drop of 11% after the announcement of a faster return to the office. 

The news follows from the announcement Zoom’s announcement of its biggest buyout in the company’s history, acquiring call centre provider Five9 in an all-stock deal valued at approximately $14.7bn  (€12.4bn), becoming a unit of Zoom once the transaction closes in 2022. 

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