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Zoom shares increase as CEO declares business will create and use AI tools

The stock price of Zoom had a significant increase during after-hours trading on Monday following the company’s announcement of its anticipation for higher-than-anticipated earnings for the remaining duration of the current fiscal year.

In its second quarter financial report, the company offering video and audio chat services revised its profitability forecast for the fiscal year 2024. The current projection indicates that the anticipated revenue will be just below $4.5 billion. This indicates an approximate annual growth rate of 2%.

During a conference call with investors, Eric Yuan, the founder and CEO of Zoom, also highlighted the company’s recent implementation of artificial intelligence (AI) technologies. According to Yuan, the company’s strategic plan for artificial intelligence is focused on enabling clients to enhance their productivity and improve customer service.

One notable AI-powered tool that Zoom added earlier this year is ZoomIQ. This function enables chat hosts to generate conference summaries using AI technologies.

During the results call on Monday, ZoomIQ was discussed by Yuan, who stated that the inclusion of generative AI technologies has the potential to enhance the platform’s user engagement and overall worth.

Zoom (ZM) received criticism on social media following a revision in its terms of service, which raised concerns about the ability for the corporation to access user data for the purpose of training AI technology. In a recent blog post, Smita Hashim, the chief product officer of Zoom, provided reassurance to customers by stating that the company has no intention of utilizing user data for the purpose of training AI models.

On Monday, Yuan echoed the aforementioned statement, emphasizing that as the company progresses in the development of AI solutions, there is a firm conviction that technology should actively promote the establishment and reinforcement of trust.

I take great pride in the strategy we are now implementing. According to the speaker, Zoom is demonstrating leadership by prioritizing customers’ privacy demands and guaranteeing that they may utilize the AI features with a sense of assurance that their content will be safeguarded.

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