Berkshire Hathaway vice president Charlie Munger has revealed he likes Zoom, saying video conferencing software will flourish. Although life returned to normal after the pandemic
“I fell in love with Zoom,” Munger said during an interview with Becky Quick for the CNBC special “Buffett & Munger: A Wealth of Wisdom,” which aired Tuesday. “I think Zoom is here to stay. It only adds more convenience.”
The 97-year-old investor said he uses Zoom at least three times a day and he made a deal in Australia via video call.
Zoom stands out as the winner of the pandemic. As millions of home users around the world turn to apps for video calls and other capabilities, stocks jump 395% in 2020 as revenue soars amid growing demand. at the beginning of this month The company reported another explosive quarter with a 191% increase in sales for the period ending April 30.
However, longtime business partner Munger and Berkshire CEO Warren Buffett dismissed Zoom, saying he still likes older phones.
“I’m not a Zoom person,” said the 90-year-old investor. “I don’t see the merits of it. especially I did it once or twice. And they have screens of people who… I don’t think it adds to the experience. I would rather have my feet on the table. And I find the phone a very satisfying tool.”
Charles Munger, Vice President of Berkshire Hathaway Inc. and Warren Buffett, Chairman of Berkshire Hathaway Inc., attend a press conference for BYD Co. in China on Monday, Sept. 27, 2010.
Nelson Ching | Getty Images
Munger’s bull case for Zoom is based on his belief that business travel is unlikely to return to pre-plague levels. meanwhile He said the demand for offices would decrease. This is because many employees tend to work from home with ease.
“I think many business trips will never come back. Just the company after the company decides to meet once a year. Meet in person twice a year And the rest Zoom and I think will stay here,” Munger said.
“What happened to the need for an office was… Think about the adversity in that field now. A lot of people find they don’t need to be there,” Munger added. “And I think a lot of people are going to decide that they can work three days a week and stay at home for another person. I think things are going to happen that … we’re not going to go back to what we were doing before.”
During its first-quarter report, Zoom warned of an impending slowdown as growth slowed from the 2020 pandemic. The company currently sees 50% revenue growth for the full fiscal year.
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