Zoom stock hits pre-pandemic level as pandemic glow vanishes
Zoom’s share price has hit February 2020 levels in a sign that the pandemic may be truly over in the Western world.
The tech stock jumped around 360 per cent over the course of 2020, and everyone across the world seemed to be glued to a software that was relatively unknown the year before.
Fast forward to 2022 and it seems Zoom fatigue has well and truly set in. Shares continue to plummet, falling 61 per cent in the last year, and competitors are fighting to grab the pool of remote workers who are still logging on from their living rooms.
Shares are now trading at around $100.48, compared to February 2020 levels of around $101.
However, as Global Chief Information Officer of Zoom Harry Moseley told City A.M. at the start of this year, Zoom is confident that the change in the workplace is indeed a permanent one.
“When you look at the pre-pandemic world, our preference used to be in- person, which we would then augment with video.”
“Now what we have learnt over the past two years is how we can develop professional relationships in a virtual world – whether you work in healthcare, investment banks, or education. My prediction is that in a post-pandemic world, we will start to see video first and in-person interactions second”, Moseley said.
Whilst some may disagree it’s not just Zoom that is letting the side down for the tech space.
US tech stocks pushed the Nasdaq Composite index to its lowest level in more than a year following results of Microsoft and Google parent company Alphabet.
Growth stocks are also facing the prospect of the US Federal Reserve interest rates hikes this year, which could further batter prices.