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Published: February 26, 2024 at 4:16 PM ET
Shares of videoconferencing company Zoom Video Communications soared in after-hours trading on Monday after the company’s results and outlook beat expectations across the board. The company also approved a $1.5 billion share buyback.
ZoomZM reported fourth-quarter fiscal net income of $298.8 million, or 95 cents per share, on revenue of $1.15 billion, up from $1.12 billion in the year-ago period. After adjusting for stock-based compensation and other impacts, Zoom reported earnings of $1.42 per share.
Analyst…
Shares of videoconferencing company Zoom Video Communications soared in after-hours trading on Monday after the company’s results and outlook beat expectations across the board. The company also approved a $1.5 billion share buyback.
zoom
ZM
reported fiscal fourth-quarter net income of $298.8 million, or 95 cents per share, on revenue of $1.15 billion, up from $1.12 billion in the year-ago period. . After adjusting for stock-based compensation and other impacts, Zoom reported earnings of $1.42 per share.
Analysts surveyed by FactSet had expected adjusted net income of $1.15 per share and revenue of $1.13 billion.
According to FactSet, Zoom expects first-quarter adjusted earnings of $1.18 to $1.20 per share on revenue of about $1.125 billion, compared with the average analyst estimate of $1.13 per share. Sales are said to be $1.13 billion.
Zoom CEO Eric Yuan said in a statement announcing the results: “We are committed to democratizing AI accessibility, making AI accessibility available to all customers, regardless of company size, and offering free licenses for paid licenses. is provided at no additional charge.”
Zoom stock rose more than 13% in after-hours trading on Monday following the earnings release.. Zoom’s stock price has fallen 14% over the past 12 months, while the broader S&P 500 index SPX has risen 27%.
Despite intensifying competition from companies such as Microsoft,
MSFT
,
Cisco Systems Corporation
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,
and Alphabet Inc.
Google
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Google and Zoom have been able to hold their own by providing a steady stream of consumer products and services.
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