Zoom forecasts current-quarter profit above estimates on strong enterprise demand
2023.08.21 16:55
© Reuters. The Zoom Video Communications logo is pictured at the NASDAQ MarketSite in New York, New York, U.S., April 18, 2019. REUTERS/Carlo Allegri/file photo
(Reuters) -Zoom Video Communications forecast third-quarter profit above Wall Street estimates on Monday, a positive sign for the company that has tried to overcome a post-pandemic slowdown by offering a wider range of collaboration tools.
Shares of the video-conferencing platform rose more than 4% in trading after the bell.
Video conferencing platforms including Zoom, Microsoft (NASDAQ:)’s Teams and Cisco (NASDAQ:)’s Webex among others became household names during the pandemic as businesses and individuals turned to them for connecting with employees and friends.
The San Jose, California-based company expects adjusted profit per share between $1.07 and $1.09 for the third quarter, above analysts’ average estimate of $1.03 per share, according to Refinitiv data.
Zoom expects third-quarter revenue between $1.115 billion and $1.120 billion for the quarter, compared with analysts’ average estimate of $1.13 billion, according to Refinitiv data.
Revenue for the quarter ended July 31 rose 3.6% to $1.14 billion, above analysts’ average expectations of $1.12 billion.
Excluding items, the company posted second-quarter profit of $1.34 per share, compared with $1.05 per share a year earlier.
