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Zoom provides disappointing revenue forecast for first quarter and full year

Zoom’s revenue growth has slowed as employees started returning to the office and companies eased their purchases of software for remote work.
Victor J. Blue | Bloomberg | Getty Images

Victor J. Blue | Bloomberg | Getty Images

Zoom issued a weaker-than-expected revenue forecast for the first quarter and full fiscal year on Monday. Shares of the video-chat software maker, which posted its fiscal fourth-quarter results, initially sank as much as 13% in extended trading before rebounding.

Here’s how the company did:

  • Earnings: $1.29 per share, adjusted, vs. $1.06 per share as expected by analysts, according to Refinitiv.
  • Revenue: $1.07 billion, vs. $1.05 billion as expected by analysts, according to Refinitiv.

Zoom’s revenue increased 21% from the year-earlier period ended on Jan. 31. That’s a deceleration from 35% growth in the prior quarter, according to a statement.

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Author: Editors Desk

Source: CNBC

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