Zoom Video shares rise 5% on solid outlook, earnings results
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Zoom Video Communications (NASDAQ:ZM) shares climbed more than 5% Monday as provide of cloud-based meeting services gave an upbeat financial outlook and better-than-expected fiscal fourth-quarter results.
After U.S. stock markets closed, Zoom (ZM) said that for its fiscal first quarter, it expects to earn between 96 cents and 98 cents a share, excluding one-time items, on revenue in a range of $1.08N to $1.09B. The outlook suggests mild gains from the first quarter of 2022.
Zoom (ZM) also reported a fourth-quarter profit, excluding one-time items, of $1.22 a share, on revenue of $1.12B. Wall Street analysts had forecast Zoom (ZM) to earn 82 cents a share, excluding one-time items, on $1.11B in revenue.
In a statement, Zoom (ZM) Chief Executive Eric Yuan said the company was still dealing with a "macroeconomic situation [that] continues to negatively impact our overall growth." However, the company ended its fiscal year with 213,000 enterprises, up by 12% from a year ago. Zoom (ZM) also ended its fourth quarter with 3,471 customers responsible for at least $100,000 in trailing 12 months revenue, a 27% increase over the fourth quarter last year.
Like many leading tech companies, Zoom (ZM) has implemented a slate of job cuts this year, and earlier this month, said it would lay off 1,300 employees.