To Compete with Teams and Slack, Zoom Renames its Chat Platform and Introduces New Features
Zoom has renamed its chat product and added some features as it looks to compete with Microsoft Teams and Slack
Zoom Video Communications Inc said on Monday it has rebranded its chat product and added features, including third-party integrations, as it looks to compete with rivals including Microsoft’s Teams and Slack.
The Zoom app, now called Zoom Team Chat, will include features such as sharing chats with Team Chat in meetings and scheduling meetings from chat or channels. The feature will roll out at the end of this month.
The app was a little-known company when the pandemic hit in early 2020, but at the height of the crisis it posted triple-digit revenue growth as people stuck at home turned to video conferencing to connect.
The company, which competes with enterprise WeChat, Microsoft Teams, Cisco WebEx, and Slack, faces the daunting task of recruiting high-paying customers to sustain its growth at a time when many companies are transitioning to hybrid businesses.
Last month, the app cut its forecast for annual earnings and revenue as demand slowed from the peak of the pandemic.
Shares of the beloved Pandemic rose 1% to $83.43. Shares were down 55% in a year through Friday’s close.
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