Earnings Results: Zoom Video stock rises after earnings beat, forecast calling for growth this year

by | Feb 27, 2023 | Stock Market

Zoom Video Communications Inc. shares rose in extended trading Monday after the videoconferencing company beat expectations for its earnings as well as its forecast for the year ahead, calming nerves about a company that recently laid off 15% of staff as a pandemic-era boom calmed. Zoom
posted a fiscal fourth-quarter net loss of $104.1 million, or 36 cents a share, on revenue of $1.12 billion, up from $1.07 billion a year ago. After adjusting for stock compensation and other effects, Zoom reported earnings of $1.22 a share, down from $1.29 a share last year but easily topping analysts’ expectations. Analysts surveyed by FactSet had on average expected adjusted net income of 81 cents a share on revenue of $1.1 billion.

Zoom executives said they expect first-quarter adjusted earnings of 96 cents to 98 cents a share on revenue of $1.08 billion to $1.09 billion , while analysts on average are projecting 86 cents a share on sales of $1.12 billion, according to FactSet. For the full year, Zoom executives predicted adjusted earnings of $4.11 to $4.18 a share on revenue of $4.46 billion to $4.48 billion, while analysts on average were expecting $3.66 a share on sales of $4.38 billion. Zoom ended its fiscal year with adjusted earnings of $4.37 a share on sales of $4.39 billion. “While the macroeconomic situation continues to negatively impact our overall growth, we have maintained a heal …

Article Attribution | Read More at Article Source

Share This