It serves the education, finance, government, and healthcare industries. Zoom helps businesses and organizations bring their teams together in a frictionless cloud environment to get more done. The firm offers meetings, chat, rooms and workspaces, phone systems, video webinars, marketplace, and developer platform products. On an adjusted basis, the pandemic winner earned $1.07 per share during the quarter, compared with estimates of 84 cents, according to Refinitiv data. Zoom Video Communications, Inc engages in the provision of video-first communications platform. Zoom is the leader in modern enterprise video communications, with an easy, reliable cloud platform for video and audio conferencing, chat, and webinars across mobile, desktop, and room systems. 31 rose 5% to $1.1 billion, on the back of a 20% increase from high-paying enterprise customers, the company said. The company, however, raised its annual adjusted profit per share to between $3.91 and $3.94, compared with $3.66 to $3.69 forecast earlier. "The focus for Zoom remains on its ability to expand to become a larger platform," he added. It is tough to disaggregate how much of this is macro (especially given slowing down in hiring or layoffs in tech) and how much is competition," said RBC analyst Rishi Jaluria. "Guidance suggests further weakness in both enterprise and online. Zoom now expects annual revenue to be between $4.37 billion and $4.38 billion, compared with an earlier outlook of $4.39 billion and $4.40 billion. Shares of the San Jose, California-based company, which fell nearly 56% this year, were down 5% in trading after the bell. For example, for the year ended January 31, 2023, we experienced unfavorable foreign currency impact as a result of the continued strengthening of the U.S. The easing of pandemic-related restrictions across the world is also weighing on its business as people started spending less time online. Inside Zoom Video Communications, Inc.s 10-K Annual Report: Revenue - Geography Highlight. Zoom chief financial officer Kelly Steckelberg said during a post-earnings call that the company's online business would decline nearly 8% during the year.Īfter recording blistering growth during the pandemic, Zoom, which competes with WeChat Work, Microsoft Teams (MSFT.O), Cisco (CSCO.O) WebEx and Slack, is facing a slowdown as red-hot inflation is dampening the spending power of customers. Nov 21 (Reuters) - Zoom Video Communications Inc (ZM.O) on Monday lowered its annual revenue forecast, as the video-conferencing platform expects a hit from declining online business.
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