Zoom Video Communications Inc (Nasdaq: ZM) just reported market-beating results for its fiscal third quarter. Its shares are up slightly in extended hours.
Zoom stock up on raised guidance
Investors look content also because the management raised its guidance for fiscal 2024 as well. Zoom now forecasts $4.93 to $4.95 of adjusted per-share earnings on up to $4.511 billion in sales this year. Eric Yuan – its Chief Executive said today in a press release:
In Q3, we bolstered Zoom’s all-in-one intelligent collaboration platform, with advanced new capabilities like Zoom AI Companion, and continues to evolve our engagement solutions.
Back in April, we welcomed @workvivo to Zoom. And today, Workvivo is now available within the Zoom platform — making it easier than ever for everyone to stay connected with their teammates. 🎉 https://t.co/udZ8q1gvrI pic.twitter.com/KCvYixk2qp
— Zoom (@Zoom) November 20, 2023
Last week, Matthew Harrigan – a Benchmark Research analyst agreed that Zoom stock was undervalued but said it was unlikely to gain traction until revenue growth picks up again.
Notable figures in Zoom Q3 earnings release
On Monday, Zoom Video Communications reported a 13.5% annualised growth in the number of customers who contributed over $100,000 in revenue in the trailing twelve months. Its Chief Executive also said today:
We are pleased with our online business, where we drove higher retention and saw usage of four new AI capabilities, enhancing the value of our platform.
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