Zoom Video Communications is adding word processing to its suite of tools and experimenting with novel features for meetings as it faces steep competition from Microsoft’s Teams.
Collaborative document editing, similar to Alphabet’s Google Docs, will be made available in Zoom next year, the company announced Tuesday ahead of its annual conference. What sets the tool apart is the ability to include information and artificial intelligence-generated summaries from Zoom meetings, Chief Product Officer Smita Hashim said in an interview.
The company’s fiscal-year revenue jumped more than fivefold to $4.1 billion from 2020 to 2022 as Zoom became an essential tool during the pandemic. But that explosive growth ended as offices reopened and competition intensified. Analysts now expect sales to increase less than 2% in the coming quarters. Zoom’s strategy to revive growth is based on providing a wider suite of business tools beyond video meetings, including features from Workvivo, an employee communication service it agreed to acquire in April.