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Share Name Share Symbol Market Type
Zoom Video Communications Inc NASDAQ:ZM NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.355 -0.13% 278.765 278.70 278.84 278.8457 273.7025 277.80 3,534,315 19:23:23

Zoom Shares Stumble, Five9's Rise Following Deal

19/07/2021 11:39am

Dow Jones News


Zoom Video Communications (NASDAQ:ZM)
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By Robb M. Stewart

 

Zoom Video Communications Inc. shares fell early Monday and Five9 Inc.'s rose after the videoconferencing service announced a $14.7 billion all-stock deal to buy the provider of cloud-based customer-service software.

In premarket trading, Zoom was down 2.2% after ending Friday at $361.97, while Five9 was up 8.4% after last closing at $177.60. Zoom's shares have risen 7.3% since the end of last year, while Five9's have picked up 1.8%.

Under the agreement, Five9 stockholders will receive 0.5533 shares of class A common stock of Zoom for each share of Five9.

San Francisco-based Zoom said the acquisition would help it tap into a $24 billion contact-center market and support its Zoom Phone business, which replaces office telephone systems with a cloud-based service.

 

Write to Robb M. Stewart at robb.stewart@wsj.com

 

(END) Dow Jones Newswires

July 19, 2021 06:25 ET (10:25 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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