Video conferencing app Zoom Video Communications Inc shares sank nearly 17% on Tuesday, reports Reuters. This comes after the video conferencing company signalled a faster-than-expected drop in demand. It was the worst day for the company in nine months. With people returning to work places, analysts have questioned Zoom’s future plans.

Last year, Zoom and other video conferencing services such as Cisco, Microsoft’s Teams and Salesforce’s Slack saw a sudden surge in new users after the outbreak of COVID pandemic. To stop the surge of the deadly virus, people were forced to work, study and communicate with friends and family remotely.

Many countries have started to ease pandemic curbs and Zoom will need to find new avenues for growth. The company already made a $14.7 billion bet on Five9 in July to bolster its contact centre business.

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According to analysts, to return to its true underlying growth rate, zoom would take a few quarters.

An analysts at Daiwa Capital wrote that there were significant questions about how new customer demand and customer churn rates will stabilize after loosening of COVID-19 restrictions across the world.

On Monday, Zoom shared its current-quarter revenue forecast. It was between $1.015 billion and $1.020 billion, which indicates a rise of about 31%, compared with multiple-fold growth rates in 2020.

According to Refinitiv data, at least six brokerages have cut their price targets on Zoom, with Piper Sandler being the most bearish.

The video conferencing company’s shares fell by the most in more than nine months to close at $289.50 on Tuesday.

The company’s shares rallied to stratospheric highs since February last year. Its valuation touched $175 billion in October. Zoom’s current capitalization is half of the October peak and the shares have eased now.