Downward Spiral for LoopUp as Workers Drop Video Calls in Favour of Face-To-Face Meetings

LoopUp’s pandemic-high market cap of £75 million has since crumbled to a paltry £9.7 million.

Story by Simon Hunt, Evening Standard

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.

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