Shares of video conferencing company Zoom fell and the company lost one-third of its value since it hit a record in late March as investors grew weary of security and privacy concerns
) fell 8% on Monday, adding to their sharp declines in the past few days, as the video conferencing app battles privacy concerns and increased competition from deep-pocketed rivals.
“While implied new customer growth may seem undemanding compared to recently disclosed 20x participant growth, we expect much of the recent surge will prove ephemeral, and/or comes from free users or education, which are very difficult to monetize,” Credit Suisse analysts wrote in a note. Reuters also reported last week that Elon Musk’s rocket company SpaceX had banned its employees from using Zoom, citing “significant privacy and security concerns.”
FILE PHOTO: Eric Yuan, CEO of Zoom Video Communications poses for a photo after he took part in a bell ringing ceremony at the NASDAQ MarketSite in New York, New York, U.S., April 18, 2019. REUTERS/Carlo Allegri
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