Shares of Zoom slide by more than 11% as growth sees a downturn

Shares of Zoom slid more than 11% in premarket trading on Tuesday, after the video conferencing company signaled a faster-than-expected drop in demand and analysts questioned its future plans as people return to office.

Zoom and other video conferencing services such as Cisco, Microsoft’s Teams and Salesforce’s Slack raked in millions of new users as the pandemic forced people to work, study and communicate with friends and family remotely.

With easing pandemic curbs, Zoom will need to find new avenues for growth. The company already made a $14.7 billion bet on Five9 in July to bolster its contact center business.