Zoom Video Communications Inc recorded a fall in its third quarter revenue growth rate by 35%.
Demand for the video conferencing technology rose last year, owing to the pandemic that restricted physical meetings, thereby giving zoom an edge as it became the only means by which people hold meetings and this led to a surge its revenue by 360%.
The firm’s stock fell to $227.5 in extended trading on Monday, after having lost about 28% this year.
Revenue also fell to $1.05 billion in the third quarter after it increased by 54% in the last quarter.
Competition from other video conferencing tools such as Microsoft has made it challenging for Zoom to sustain its dominance of the market.
As part of the company’s effort to maintain growth and retain its users, the company recently launched new offerings such as in-office meetings feature Zoom Rooms, cloud-calling service Zoom Phone and Events platform where businesses can host large scale conferences.
