Zoom CEO: 'Hybrid work will be the future'

·1-min read

The future of work will be hybrid, according to the founder and CEO of videoconferencing giant Zoom (ZM).

“We are human beings. We need social interaction. Unfortunately, Zoom does not have those features yet,” Eric Yuan told Yahoo Finance at its recent All Markets Summit.

“We need to get together — that’s why hybrid work will be the future," he added.

The videoconferencing software company has become synonymous with the pandemic, as global usage soared while people were in lockdowns.

Zoom has been utilized for almost every type of event, from at-home schooling to wedding ceremonies.

"We never thought about so many consumer-driven new use cases," said Yuan. "I think those kind of new use cases surprised us most."

Zoom believes over the next 5 to 10 years, it can develop a videoconference experience that customers will favor over face-to-face conversations.

"We truly believe video communication like Zoom can give a better experience than face-to-face meetings in the future," said Yuan. "We are not there yet but [we're] working to get us there."

Last year Zoom's stock hit a high of $553.86. Shares are currently hovering around $280. The stock price decline comes after lockdowns eased, businesses reopened, and kids went back to school.

Zoom will report its third quarter fiscal year 2021 earnings on November 30.

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Yahoo Finance's All Markets Summit
Yahoo Finance's All Markets Summit