Zoom Communications stock price down 2.6%

Share This article Share On Monday, the company reported a quarterly net loss of €2.9bn, or $3.2bn, for the six months to September, due to the loss of its business operations in Ireland.

Zoom Communications shares were down around 20% at €2,085, which was below the €2bn range forecast.

The company’s shares fell further by around 10% to €2,- a level that was below its target. 

“The loss is due to two factors: the first, the restructuring of our business, which has affected our financial position, and secondly, the decision by the European Commission to withdraw its decision on the EU-US Trade Agreement,” the company said in a statement.

The Irish government has said that it is considering an application to withdraw the agreement, which would require the withdrawal of EU citizens’ rights and the reopening of the Irish border.

Zompas management said that the decision was not a decision taken lightly, and it has “no plans to appeal the decision.”