(Bloomberg) — Zoom Communications Inc. dropped the most in 18 months after it gave a revenue outlook that disappointed investors expecting a bigger boost from the company’s expanded suite of products.

The software company, known for its videoconferencing service, has introduced more tools for corporate clients, including phone systems, a contact center application and artificial intelligence assistants. To emphasize its broader view of the business, Zoom announced Monday that it has dropped “video” from its official name and would now be known as Zoom Communications Inc.

“Our new name more accurately reflects our expanding scope and plans for long-term growth,” Chief Executive Officer Eric Yuan wrote in a post announcing the change.

Those new businesses are finding an audience, executives said, but added that the outlook for 2.7% sales growth in the current quarter may continue at the same pace into early 2025.

Investors were looking for more, wrote Michael Funk, an analyst at Bank of America. “We question if the commentary is simply setting a low bar for new CFO Michelle Chang,” Funk wrote. In October, Zoom named Chang, a former Microsoft Corp. executive, as chief financial officer to replace Kelly Steckelberg, who left to join closely held design firm Canva Inc.

The shares declined 6.7% to $83.08 at 12:43 p.m. Tuesday in New York, the biggest intraday slide since May 2023. While Zoom’s forecast met estimates, the stock had gained 48% since the company’s last earnings report in August through Monday’s close on optimism about the new products.

Revenue will be about $1.18 billion in the period ending in January, Zoom said Monday in a statement. Profit, excluding some items, will be $1.29 to $1.30 a share. Analysts, on average, projected adjusted earnings of $1.28 a share on sales of $1.17 billion, according to data compiled by Bloomberg.

Zoom has seen a 59% increase in monthly active users of its AI assistant since the prior quarter, the company said in a presentation to supplement its earnings statement. It also topped 1,250 customers of its contact center application.

While there were “no major issues” with the results, the steep gain for the shares headed into the earnings meant the results might not attract new investors, wrote Tyler Radke, an analyst at Citigroup.

In the fiscal third quarter, sales increased 3.6% to $1.18 billion, compared with analysts’ average estimate of $1.16 billion, according to data compiled by Bloomberg. Profit, excluding some items, was $1.38 a share in the period ended Oct. 31.

Enterprise revenue increased 5.8% to $699 million. Zoom said it had 3,995 customers who contributed more than $100,000 over the past year.

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