On April 18, 2019, Zoom CEO Yuan Zheng raised a toast after the opening ceremony of NASDAQ in New York.
Hit by Betancur | Getty Images
After the video chat software company reported that its third-quarter earnings exceeded analyst expectations, Zoom’s stock price rose 8% and quickly reversed its gains in after-hours trading on Monday.
The following is the company’s approach:
- income: According to Refinitiv’s data, the adjusted share is 1.11 US dollars per share, while analysts expect it to be 1.09 US dollars per share.
- income: Refinitiv’s data shows that this figure is 1.05 billion U.S. dollars, while analysts expect it to be 1.02 billion U.S. dollars.
Revenue for the quarter ended October 31st increased by 35% year-on-year, down from 54% in the previous quarter. According to a statement, net income jumped 71% to US$340.3 million.
For the fourth fiscal quarter, Zoom expects adjusted earnings per share of US$1.06 to US$1.07 and revenue of US$1.051 billion to US$1.053 billion, which means an increase of 19%. Analysts surveyed by Refinitiv had previously expected adjusted earnings per share of $1.05 and revenue of $1.02 billion.
During the quarter, Zoom said it had cancelled its plan to acquire Five9, a cloud contact center software provider, for $14.7 billion. When announcing the news, Zoom stated that its own cloud contact center software will be launched in early 2022.
Before the after-hours trend, Zoom’s stock price fell 28% in 2021, while the S&P 500 index rose 25% over the same period. Executives will discuss the results in a conference call starting at 5 pm Eastern time.
This is breaking news. Please check for updates.
watch: Five9 CEO explains why the Zoom transaction failed
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