Market Updates
Zoom Lowers Annual Outlook, Revenue Growth Slows to 8%
Scott Peters
23 Aug, 2022
New York City
Zoom Video Communications plunged 14.4% to $83.38 after the company reported stronger-than-expected quarterly earnings but lowered its annual revenues estimate.
Zoom said fiscal second quarter 2023 revenues increased 8% to $1.099 billion and enterprise sales rose 27% to $599 million.
Revenue growth slowed to 8% from 12% in the previous quarter and plunged from 54% a year ago.
Net income in the second quarter was $45.7 million or $0.15 a share, compared to $316.9 million or $1.04 a share a year ago.
The number of customers contributing to at least $100,000 revenues increased 37% to 3,116 from 2,278.
The video communication company guided fiscal third quarter 2023 revenues to fall between $1.095 billion and $1.11 billion and for the full-year in the range of $4.385 billion and $4.395 billion.
The company had earlier guided full-year revenues between $4.53 billion and $4.55 billion.
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