Nobody wants to touch Zoom stock with a 10 foot pole these days... the quick assessment is that there's no growth (mostly true) and that Microsoft Teams is going to take all their market share... that still hasn't happened yet and Zoom has over half the market with Teams around 30%, the rest is in GoToMeeting, Google Meet and others...
There is a price for Zoom that represents a good value so are we there yet?
Zoom trades at about 15x earnings, but has almost $8B sitting in cash (which they could certainly destroy) when you back that out the stock trades around 11x earnings. They have very slow growth but still growth, their profit margins are over 30% today and have been stable above 15% for the past couple of years. The business grows slow, but they've been able to cut costs. If not at current prices is there a valuation multiple you'd pay for the very cash generative Zoom? The numbers say that Zoom is still the leader in the space, but I imagine there will be a lot of comments "we only use Teams now" and view it as a dead company. Zoom itself could be an acquisition target, Salesforce for instance could buy a handful of startups and compete with Microsoft and Google if they wanted to (or got desperate).
So if Teams is going to destroy this business they certainly haven't done so yet. Zoom could return capital to shareholders with significant buybacks (avg. $400M/q over past year) or choose to use the cash for acquisitions and investments (which could lead to topline growth, but is risky). They made a small investment in Anthropic which I imagine is most of the $1B worth of "strategic investments" on their balance sheet.
There are some other covid darlings that have been completely ignored that are boring now but look somewhat interesting on their financials... Dropbox, Box, Okta, DocuSign come to mind.
If Warren Buffett bought Zoom or one of these other software businesses you'd all love it.