Long-time Chief Executive Officer Ben Silbermann of Pinterest would step down, handing over the reins of the social media platform to Google...

Stock Market

Google executive to take over as a new CEO of Pinterest

Top accounting firm Ernst & Young has been slammed with a record $100 million fine from the US government...

Stock Market

Accounting firm gets 100 million fine for faulty regulations

The Indian rupee slipped into a fresh low today and extended losses against the US dollar.

Forex

The rupee tumbled to a new low against the dollar in the midst of an increase in crude oil price

Wall Street saw a sharp fall at its closing in a broad sell-off. Consumers' worries over recession have sparked up...

Stock Market

Wall Street Lose Balance after recession strikes growth fear among consumers’

Soaring inflation may be pushing the US economy into a deep recession. Last week's 0.75% interest rate hike by the Federal Reserve...

Stock Market

Inflation ringing the recession bell - Mohammed Shaheen

Stock Markets

1 Mar 2022

Zoom Plummets amid Fading Pandemic-Induced Surge

The Index Today

Stocks of Zoom Video Communications Inc. fell 4.6% during Tuesday’s premarket session following bearish outlooks.

Zoom emerged as a major necessity when the COVID-19 pandemic first hit, forcing people to shift online to continue their work and studies from a remote environment. However, the gradual return to the world of in-person work and study has seen a drop in the usage of video communication services such as Zoom.

Moreover, the company is also facing competition from rivals such as Microsoft Teams and Google Meet over additional features aimed at promoting seamlessness and ease of use.

While Zoom surpassed expectations for the fourth quarter, its current quarter performance failed to meet the goal of $1.07 billion in sales. As per Bloomberg, the company’s annual earnings prediction of $4.55 billion is also lower than Wall Street’s projection of $4.75 billion.

Zoom has announced to repurchase its shares worth up to $1 billion in value, in a program that will continue till February, 2024.

Clay pottery with table linens