Zoom raises annual revenue forecast
2024.08.21 16:35
(Reuters) -Zoom Video Communications raised its annual revenue forecast on Wednesday, driven by strong demand for its AI-powered collaboration tools deployed in hybrid work models, sending its shares up 4% in extended trading.
The video-conferencing provider has been doubling down on efforts to integrate artificial intelligence into its products and expand its range of services and leverage the growing trend of hybrid work.
The company has launched Zoom (NASDAQ:) Workplace as a collaboration platform, which contains other products like “Zoom Docs” and allows employees or teams to chat, call and manage files in one place with the help of its AI companion.
It expects revenue to be between $4.63 billion and $4.64 billion for fiscal 2025, compared with the $4.61 billion and $4.62 billion forecast earlier. Analysts on average estimate $4.62 billion, according to LSEG data.
