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Zoom, the revolutionary video conferencing company that became synonymous with remote work during the coronavirus pandemic, is now implementing in-person work requirements.
The San Francisco-based software company has notified employees residing within a 50-mile radius of its locations that they must physically come to the office at least two days a week.
Describing it as a “structured hybrid approach,” Zoom aims to utilize its own technologies more effectively, foster innovation, and continue supporting its global customers. The company emphasizes its commitment to keeping its employees and distributed teams connected and productive using the Zoom platform.
Following the closure of offices, Zoom experienced remarkable success, with its stock price surging 15 times more than its initial public offering. This made Zoom the standout winner in the tech sector during the Covid-19 crisis, with a market value exceeding $140 billion. However, as numerous customers began recalling their staff to work, Zoom’s stock price plummeted by over 85%.
Despite attempts to capitalize on the new hybrid work arrangements embraced by its customers, Zoom’s Zoom Rooms service, designed to enhance online meetings involving both in-office and remote workers, has not gained significant traction compared to its original offering.
In its latest quarter, Zoom reported a modest revenue growth of 3%, a sharp decline from the over 400% growth experienced in 2020.
During an earnings call in May, CEO Eric Yuan expressed his belief that hybrid work is here to stay, presenting a new business opportunity for Zoom. He acknowledged the challenge of compelling employees to return to the office, as the trend of letting employees work from anywhere has become increasingly popular.
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