LoopUp’s pandemic-high market cap of £75 million has since crumbled to a paltry £9.7 million.
While some have embraced the end of work-from-home restrictions, a return to the office is bad news for video conferencing businesses.
Shares in conferencing software company LoopUp slumped almost 25% this morning after it reported a 60% drop in revenues compared with the same period in 2020.
It mirrors a similarly steep share price decline for US technology giant Zoom, which became the poster-child of remote work after coronavirus restrictions forced millions of office workers to stay at home. Zoom’s shares have more than halved since August 2021, after the California-based company missed revenue forecasts.