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Zoom (ZM) Earnings Q4 2023

Zoom CEO Eric Yuan speaks before the Nasdaq opening ceremony in New York on April 18, 2019.

Kena Betancourt | Getty Images

zoom The stock rose 8% in extended trading Monday after the video-chat firm reported fourth-quarter results that beat analyst estimates and offered optimistic earnings guidance for the year.

Here’s how the company did it:

  • Earnings: Analysts were expecting 81 cents, compared to an adjusted $1.22 per share, according to Refinitiv.
  • Earnings: Analysts expected $1.1 billion, according to Refinitiv, compared to $1.12 billion.

Zoom’s revenue increased 4% year-over-year in the quarter ended Jan. 31. statementThat’s a dramatic slowdown from the quadrupling of revenue Zoom enjoyed in 2020 and 2021. At this time, consumers and businesses flocked to video services during his Covid pandemic.

The company posted its first net loss in the quarter since 2018, down $104 million compared to a net profit of about $491 million in the same period last year. This loss was attributable to stock-based compensation expense.

Zoom continues to face issues it encountered in the first half of fiscal 2023, including executives weighing it carefully before agreeing to pay for the company’s services, said CEO Eric. Yuan told analysts on a conference call.

Some organizations are buying fewer seats of Zoom’s software as part of broader cost-cutting measures, Kelly Steckelberg, the company’s chief financial officer, said on a conference call.

Growth will slow again this year. Zoom’s revenue is between his $4.435 billion and his $4.455 billion, implying 1.1% growth, but analysts expected his $4.6 billion in revenue. . Adjusted earnings per share for him ranged from $4.11 to $4.18, according to the company, beating his average estimate of $3.66.

Fiscal first quarter adjusted earnings of 96 cents to 98 cents per share on earnings of $1.08 billion to $1.085 billion. Analysts surveyed by Refinitiv had expected adjusted earnings per share of 84 cents and earnings of $1.11 billion.

Excluding after-hours movements, Zoom’s stock is up 8% over the year, while the S&P 500 is up 3% over the same period.

Zoom during the fourth quarter Said Deploy an email and calendar service along with a virtual agent chatbot to handle customer service inquiries.

Zoom earlier this month announced Cut 1,300 employees, or 15% of the workforce. “As part of our restructuring, we are optimizing our go-to-market strategy to better support our enterprise customers and further increase productivity,” he said.

clock: Cramer’s Lightning Round: Zoom Video Needs a Merger

https://www.cnbc.com/2023/02/27/zoom-zm-earnings-q4-2023.html Zoom (ZM) Earnings Q4 2023

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