Zoom Video fizzles in Q4
Published:Wednesday | March 1, 2023 | 1:03 AM
Zoom Video Communications Inc, operator of a video-conferencing platform that gained popularity during the pandemic, reported a loss of more than US$104 million for its fiscal fourth quarter but beat expectations.
On a per-share basis, the San Jose, California-based company said it had a loss of 36 US cents. Earnings, adjusted for one-time gains and costs, came to US$1.22 per share.
The results topped Wall Street expectations. The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 79 US cents per share.
The video-conferencing company posted revenue of US$1.12 billion in the period, which also beat Street forecasts. Eleven analysts surveyed by Zacks expected US$1.1 billion.
For the year, the company reported profit of US$103.7 million, or 34 US cents per share. Revenue was reported as US$4.39 billion.
For the current quarter ending in April, Zoom Video expects its per-share earnings to range from 96 to 98 US cents, and revenue in the range of US$1.08 billion to US$1.09 billion.
The company also expects full-year earnings in the range of US$4.11 to US$4.18 per share, with revenue ranging from $4.43 billion to US$4.46 billion.
AP