Zoom lifts annual forecasts even as growth slows from pandemic peaks

Zoom Video Communications Inc on Monday raised its full-year forecasts for revenue and profit even as growth winds down from a pandemic boom and business spending slows in a tough economy.

Shares of the company pared gains to trade 0.7% higher post market hours, after having rallied nearly 5% earlier.

Zoom became a household name during lockdowns, but growth has cooled off since then as offices reopen and competition heats up from deep-pocketed rivals including Microsoft Corp’s Teams, Cisco’s Webex and Salesforce’s Slack.