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ZOOM VIDEO COMMUNICATIONS, INC.

(ZM)
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Zoom Video Communications : Russian lawmaker floats idea of Zoom ban if it halts sales to state institutions

04/07/2021 | 04:31pm EDT

MOSCOW, April 7 (Reuters) - A lawmaker from Russia's ruling party floated the idea of banning Zoom on Wednesday after the video conferencing company reportedly told its distributors to stop selling subscriptions to Russian state institutions.

Russian daily Kommersant said Zoom Video Communications Inc had banned distributors from selling access to its service to state companies and institutions, citing a letter from Zoom's representative in the region, RightConf, dated March 31.

Zoom said it remained committed to serving customers in Russia and the Commonwealth of Independent States. Its shares closed up 2%.

"We are in the process of evolving our approach in the region, and in the meantime, new and existing customers in both the public and private sectors can seek to procure Zoom accounts directly through our website," a Zoom representative said.

RightConf had no immediate comment.

"Russia is not an advocate of sanctions, but if Zoom takes such a decision in relation to state institutions and companies, then a blocking of the service on our country's territory is possible as a reciprocal, symmetrical measure," the RIA news agency cited lawmaker Alexander Bashkin from the United Russia party as saying in the upper house of parliament.

The spat comes as the threat of more U.S. sanctions hangs over Russia for allegedly meddling in U.S. elections and cyber-hacking - charges Moscow denies - and as Russia targets foreign internet companies for failing to delete what is calls banned content.

The Kremlin said it had used Zoom for some international video calls but that President Vladimir Putin rarely used the service and alternative solutions were available.

"In general we express regret and confusion as to why Russian state institutions and higher education establishments are now deprived of the opportunity to extend existing contracts and enter into new ones," Kremlin spokesman Dmitry Peskov told reporters on a conference call.

He did not mention the possibility of a Zoom ban.

(Reporting by Alexander Marrow and Dmitry Antonov; Editing by Mark Potter and Lisa Shumaker)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 0.82% 76.959 Delayed Quote.2.94%
ZOOM VIDEO COMMUNICATIONS, INC. -2.34% 317.3 Delayed Quote.-3.85%
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Financials (USD)
Sales 2022 3 819 M - -
Net income 2022 726 M - -
Net cash 2022 4 127 M - -
P/E ratio 2022 135x
Yield 2022 -
Capitalization 95 260 M 95 260 M -
EV / Sales 2022 23,9x
EV / Sales 2023 19,6x
Nbr of Employees 4 422
Free-Float 65,2%
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Technical analysis trends ZOOM VIDEO COMMUNICATIONS, INC.
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 465,71 $
Last Close Price 324,33 $
Spread / Highest target 88,1%
Spread / Average Target 43,6%
Spread / Lowest Target -31,2%
EPS Revisions
Managers and Directors
NameTitle
Eric S. Yuan Chairman, President & Chief Executive Officer
Kelly S. Steckelberg Chief Financial Officer
Harry D. Moseley Global Chief Information Officer
Brendan Ittelson Chief Technology Officer
Aparna Bawa COO, Secretary & General Counsel
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