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- Zoom tops estimates and raises full-year forecast
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- Zoom tops estimates and raises full-year forecast
- Founded: April 21, 2011
- Headquarters: San Jose, California, United States
- Number of employees: 8,484 (January 2023)
- Industry: Tech
- Key people: Eric Yuan (Chairman & CEO), Kelly Steckelberg (CFO), Peter Gassner (Director)
- 1 month: +6.70%
- 3 months: -3.04%
- Year-to-date: -3.71%
- 1 year: -18.73%
- Citigroup: $66
- Rosenblatt: $75
- RBC Capital: $95
- Benchmark: $95
- Stifel: $70
- HSBC: $83
- Wedbush: $80
- JP Morgan: $83
- Mizuho: $100
- Volatility never sleeps. Trade over earnings releases as they happen outside of main trading hours
- Reduce your risk and hedge your existing positions ahead of a new trading day
- Extended trading hours on popular US stocks means extended opportunities
News & AnalysisNews & AnalysisZoom Video Communications Inc. (NASDAQ: ZM) released its latest financial results for the third fiscal quarter after the market closed in the US on Monday.
Company overview
The results
The US communications technology company reported revenue that beat Wall Street estimates at $1.136 billion (up by 3.2% year-over-year) vs. $1.119 billion expected.
Earnings per share also topped estimates at $1.29 per share (up by 20.56% year-over-year) vs. $1.086 per share estimate.
The company also raised its full-year revenue forecast: ”Our strong performance across a number of metrics has enabled us to increase our full year outlook for revenue and non-GAAP profitability, as well as for free cash flow, which we now expect to be in the range of $1.34 billion to $1.35 billion, up approximately 13% year over year.”
CEO commentary
“In Q3, revenue came in ahead of guidance as we bolstered Zoom’s all-in-one intelligent collaboration platform with advanced new capabilities like Zoom AI Companion and continued to evolve our customer and employee engagement solutions. We are also pleased with our Online business where we drove higher retention and saw usage of our new AI capabilities, enhancing the value of our platform,” Eric Yuan, CEO of Zoom said in a statement.
Stock reaction
The stock was up by 2.93% at $66 a share on Monday, trading at the highest level since 10/10/2023.
Shares were up by around 1% in after-hours trading after the latest results were announced.
Stock performance
Zoom stock price targets
Zoom Video Communications Inc. is the 874th largest company in the world with a market cap of $19.62 billion.
You can trade Zoom Video Communications Inc. (NASDAQ: ZM) and many other stocks from the NYSE, NASDAQ, HKEX, ASX, LSE and DE with GO Markets as a Share CFD.
GO Markets now offers pre-market and after-market trading on popular US Share CFDs.
Trade the pre-market session: 4:00am to 9:30am, normal session, and after-market session: 4:00pm to 8:00pm, Eastern Standard Time.
Why trade during extended hours?
Sources: Zoom Video Communications Inc., TradingView, MarketWatch, Benzinga, CompaniesMarketCap
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Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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