![]() "A lot of the big pandemic beneficiary companies posted underwhelming second-quarter earnings reports, but Zoom was one of the best," Crisafulli says. Though it skyrocketed 43% in 2020, the tech-heavy Nasdaq is up just 20% this year, while the S&P 500 has climbed 22%. The broader technology sector has also struggled to keep up with its explosive growth from last year. Virtual healthcare company Teladoc and even ecommerce juggernaut Amazon are also among stocks posting negative returns this year after an early pandemic surge. Shares are now down 30% this year despite skyrocketing nearly 400% in 2020. Last week, Peloton stock sank nearly 13% after the company similarly failed to impress investors with its second-quarter earnings report. With shares down about 48% from their October record high, Zoom is only the latest pandemic stock darling now facing a stark reversal of fortunes. In the post-earnings conference call, CEO Eric Yuan promised to double down on the company's enterprise segment, saying Zoom stands to benefit from an increasing number of companies opting to embrace a hybrid work model, in which some employees continue working remotely.
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