Zoom shares tumble to pre-pandemic levels

Zoom plunged 17% to a closing price last seen in January 2020 after the firm cut its annual revenue forecast.

Zoom has been struggling as workplaces reopen, and said it’s losing sales from consumers and small business faster than anticipated.

Investor Cathie Wood bought Zoom shares as they tumbled to levels seen before the stock’s meteoric rise during the pandemic.

Her firm Two Ark Investment Management bought more than 800,000 shares on Tuesday, which were worth €68m as of the day’s close, according to Ark’s daily trading data compiled by Bloomberg. The buying marked Ark’s first purchase of the video-conferencing company’s shares in three months.