In order to compete with rivals like Microsoft’s Teams and Slack, Zoom Video Communications Inc. announced on Monday that it has renamed its chat product and added new capabilities, such as third party connectivity.
A meeting can be scheduled from a chat or channel, and in-meeting chat can now be shared with Team Chat on Zoom’s app, which is now called Zoom Team Chat. By the end of the month, the featured will be available.
When the pandemic struck in early 2020, Zoom was a little-known startup, but it reported triple-digit sales growth at the height of the crisis as people stranded at home turned to video conferencing for communication.
When many businesses are transitioning to hybrid work, the company, which competes with WeChat Work, Microsoft Teams, Cisco WebEx, and Slack, faces an uphill battle of recruiting high-paying clients to sustain its development.
As demand declines from epidemic highs, Zoom lowered its annual profit and revenue predictions last month.The pandemic darling’s shares rose 1% to $83.43 on the day. Up until Friday’s close, the stock had dropped by 55% for the year.