Dive Brief:
- Zoom Video Communications changed its name to “Zoom Communications” as it looks to rebrand itself with a focus on artificial intelligence, the company announced Monday.
- The new name more accurately reflects Zoom’s expanding scope and plans for long-term growth, CEO Eric Yuan said in a blog post.
- “Zoom is now about so much more than video meetings,” he wrote. “We are an AI-first company delivering modern, hybrid work solutions that enable you to collaborate seamlessly.”
Dive Insight:
Zoom is among a number of major tech vendors that are rapidly incorporating AI into their offerings.
Last month, Zoom introduced Zoom AI Companion 2.0, describing it as “the next generation of the company’s AI assistant that can surface important information, prioritize what matters most, and turn interactions across Zoom Workplace into action to help users get more done throughout the workday, all at no added cost.”
And last year, the company rolled out Zoom Docs, an AI-enabled product for document creation and collaboration.
Such tools are “just the beginning of reimagining what’s possible,” Yuan said in his blog post.
Meanwhile, Zoom also announced Monday that its total revenues increased to $1.18 billion in its third quarter, an increase of 3.6% on an annual basis. AI investments played a significant role, according to company executives.
“We saw progress toward our AI-first vision with Zoom AI Companion monthly active users growing 59% quarter over quarter,” Michelle Chang, Zoom’s new CFO, said Monday during her first earnings call in the role.
Zoom announced in October that it appointed Chang, a veteran of Microsoft, to become its finance chief, effective Oct. 7, as previously reported by CFO Dive. She succeeded Kelly Steckelberg, who stepped down.
Canva, a developer of creative design software, has hired Steckelberg to serve as its CFO, Bloomberg reported last week.
Chang’s compensation at Zoom includes a base salary of $580,000 and a target annual bonus equal to 90% of that, prorated for fiscal 2025, according to a securities filing. She is being allowed to work remotely from her “personal residence” in the state of Washington and the Zoom offices in Seattle, Washington or the surrounding area, according to the terms of an offer letter included in the filing.
