Asia has seen a lot of action lately, with Zoom having promised 2 years ago to ramp up their efforts. Even with the challenges posed by the post-pandemic situation, such as more people going back to work and resuming business trips, their commitment remains unchanged. Abe Smith, Zoom's head of international, referenced these facts when speaking to Squawk Box Asia.
On Friday, Zoom declared that it is bolstering its investments in technical advancements in the Asia-Pacific zone. According to Abe Smith, Zoom's Head of International, "There is loads of activity across the whole APAC region." Smith went on to mention the data center in Singapore, and the R&D centers in Chennai and Bangalore. This commitment to the region comes despite certain difficulties experienced by Zoom due to the post-pandemic period as people return to the office and resume business trips, causing a 45% decrease in Zoom shares over the past year.
Although there was a 4% rise in Zoom's revenue during the fourth quarter of Jan. 31, it is a stark contrast to the four-fold increase in revenue when the pandemic began. In February, the company declared plans to let go of 1,300 employees, or 15% of all its personnel. It pointed to the "vagueness of the worldwide economy" and "its affect on our patrons" as the causes for the layoffs.
Smith expressed enthusiasm for Zoom's cloud based telephone solution, revealing it has increased its revenue by 100% year over year and currently has more than 5.5 million active subscribers. He added that the product provides an unlimited number of domestic calls, SMS messaging, and call recording. Concluding, Smith asserted that the company's goal is to give people the power to connect and communicate with a variety of products, offering them flexibility and choice.
The current exponential upsurge in generative AI has spurred tech giants to pour substantial funds into products such as Zoom, that are going head-to-head with video-conferencing tools like Microsoft Teams. Zoom's massive faith in artificial intelligence was further bolstered in May when they got behind Anthropic, a firm specializing in AI safety and exploration. "It's an unfathomable venture for the company," expressed Smith. "That collaboration and investment should expedite the way we operate in this particular field."
The firm recently declared an enlargement of Zoom IQ, an AI component that summarizes conversations and whiteboard meetings. Cal Smith, the company's head, remarked, "AI is an essential part of our identity ... the intelligent capacities in the platform have been here from the start. If you are in a Zoom gathering and use a virtual backdrop, then you're partaking the advantages of AI. On top of that, if you need to muffle the sound of a barking pet, make use of the noise suppression tool, and that's AI too."
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