Zoom Expands Globally With Services In Additional Countries

By Zacks Investment ResearchStock MarketsMar 03, 2020 11:42PM ET

www.investing.com/analysis/zoom-expands-globally-with-services-in-additional-countries-200513349

Zoom Expands Globally With Services In Additional Countries

By Zacks Investment Research | Mar 03, 2020 11:42PM ET

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Zoom Video Communications, Inc. (NASDAQ:ZM) recently announced the availability of its Zoom Phone cloud service in 11 additional countries, bringing the total to 17 countries and one territory.

The service includes PSTN access with new metered and unlimited calling plans as well as supports local phone numbers. Now, it is available in Austria, Belgium, Denmark, France, Germany, Italy, Netherlands, Portugal, Spain, Sweden and Switzerland.

The service will enable customers to ditch their in-country legacy phone systems and consolidate business communications onto Zoom’s video-first, unified communications platform.

Additionally, the Zoom Phone beta service will be available to existing qualified Zoom customers in 24 additional countries. The service will be available on a request basis starting Mar 9, 2020.

Further, customers will now get access to multilingual prompts in German, Danish, Japanese, Korean, Russian, Chinese Mandarin (simplified) and Chinese Mandarin (traditional) in addition to the existing languages.

These endeavors are in line with Zoom’s focus on expanding its international presence and to make its services widely available, accessible and easy to use.

Zoom Video Communications, Inc. Price and Consensus

Zoom Video Communications, Inc. Price and Consensus

Zoom Video Communications, Inc. price-consensus-chart | Zoom Video Communications, Inc. Quote

Expansion for Strengthening Position

Zoom’s expanding international footprint is expected to give it an edge in the highly-competitive video as a service (VaaS) market, which per Mordor Intelligence data is expected to witness a CAGR of 33.8% between 2020 and 2025.

Moreover, competitors like Microsoft (NASDAQ:MSFT) , Alphabet’s Google (NASDAQ:GOOGL) division and Cisco (NASDAQ:CSCO) recently made their video conferencing software (Teams, Hangouts Meet, and Webex, respectively) free for use due to the global outbreak of the COVID-19 virus.

As more companies are encouraging their employees to work from home and avoid physical meetings, there is a growing demand for video conferencing software to conduct meetings.

As a result, Zoom’s growing global presence amid the outbreak has well positioned it to expand its market share and drive the top line in the coming quarters.

Per CNBC, the company has 12.92 million monthly active users (MAUs) so far in 2020, up 21% since the end of 2019. Moreover, Zoom added 2.22 million monthly active users so far in 2020 compared with 1.99 million in 2019.

Zacks Rank

Zoom currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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Zoom Expands Globally With Services In Additional Countries

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