Yahoo Finance Zoom Video's (ZM) Workvivo Becomes Meta's Migration Partner
Zoom Video Communications, Inc. ZM announced that its Workvivo has been chosen as Meta Platforms’ META preferred migration partner for META’s customers as the latter discontinues the Workplace platform.
Meta is shutting down Workplace, its employee engagement platform, and turning to Workvivo in order to assist customers during the transition.
These two platforms are committed to facilitating a smooth transition and offering tools for customers migrating to Workvivo. Notably, ZM’s Workvivo is set to provide additional implementation support at no additional cost.
Zoom’s Workvivo streamlines workplace communication and enhances engagement. It ensures that everyone has a voice and feels included, regardless of their location.
Workvivo, which was acquired by Zoom in 2023, has expanded the company’s Workplace platform with new features. It has already partnered with major brands, such as Dollar General, Virgin Group and Amazon to enhance employee engagement and foster a vibrant company culture.
Zoom Video Communications, Inc. Price and Consensus
Zoom Video Communications, Inc. price-consensus-chart | Zoom Video Communications, Inc. Quote
General Availability of ZM’s Workplace to Boost Enterprise Customers
Zoom recently announced the general availability of its Workplace, an artificial intelligence (AI)-powered collaboration platform. The company is committed to delivering a reimagined platform that meets the evolving needs of modern teams.
Key features of Zoom’s Workplace include enhanced meeting preparation through consolidated meeting assets and chats, customizable color themes and toolbar personalization for a tailored user experience. Additionally, document collaboration and portrait lighting features aim to enrich the meeting experience, while dynamic reactions enable participants to express themselves without needing to unmute.
The platform also introduces improvements to Team Chat, offering split view functionality, multi-language support and generative AI capabilities through Zoom AI Companion. Other enhancements include markdown support, increased member capacity and compatibility with airline Wi-Fi.
Further innovations are on the horizon, including multi-share functionality, grouped Team Chat channels for improved project management and external collaboration enhancements. ZM’s Workplace is set to empower enterprise customers with a comprehensive suite of tools to optimize in-person and remote collaboration, streamline workflows and drive business growth.
These recent advancements are expected to boost enterprise customers, as well as the company’s top line.
The Zacks Consensus Estimate for ZM’s fiscal 2025 enterprise customers is pegged at 228,310, indicating year-over-year growth of 3.6%. The Zacks Consensus Estimate for fiscal 2025 revenues is pegged at $4.6 billion, indicating year-over-year growth of 1.64%.
Shares of this Zacks Rank #3 (Hold) company have lost 11.7% year to date against the Zacks Computer and Technology sector’s growth of 12.5% due to the tough competition from Microsoft MSFT and Alphabet GOOGL in the cloud communications market. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Microsoft Teams is a platform where people can chat, hold video meetings, store files and use different apps. The platform recently added a new feature called meeting recap, which includes generating transcripts of meetings. With Intelligent Recap in Teams Premium, AI goes even further. After a meeting is recorded, Intelligent Recap can recognize spoken names and topics discussed, organizing and summarizing the meeting into sections. It can also suggest action items based on what was discussed in the meeting.
Alphabet’s Google Meet allows users to schedule and join meetings easily from their email and calendar apps, giving it an edge over Zoom. The company is improving the Google Meet experience with studio lighting and sound. These features were first mentioned last year as part of Duet AI integration. Currently, these enhancements are available to users or organizations with the Duet AI for Google Workspace Enterprise add-on.
Zoom has been constantly investing in making its platform better by integrating AI. With the recent advancements, Zoom is expected to fend off its competitors in the cloud communications market.
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