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That’s how much Zoom founder Eric Yuan’s fortune declined on Tuesday as shares of his videoconferencing company fell. Given the uncertain economic climate, the firm is warning that the stock could struggle further amid Zoom’s “significantly reduced near-term expectations.” Big Number: Nearly $700 Million But that progress has been “overshadowed” by high-single-digit declines in the company’s online business, as well as “continued pressure” in emerging markets, the analysts led by Matt VanVliet wrote on Tuesday. The company has seen “ongoing success” in its Enterprise business segment-with over 204,000 customers, which is up 18% from last year, BTIG analysts point out.

Key BackgroundĪfter surging over 400% in 2020 as business turned to videoconferencing services during stay-at-home mandates amid the pandemic, Zoom’s stock has since struggled, falling roughly 45% in 2021 and now down more than 55% so far in 2022. Other pandemic-era darlings-such as Peloton, Teladoc and Roku-have similarly struggled, all losing more than 60% so far in 2022. Zoom is among the worst-performing stocks in the tech-heavy Nasdaq Composite index, which is down 21% this year in comparison.