Zoom raises annual revenue outlook on hybrid work boost
2023.05.22 16:31
© Reuters. FILE PHOTO: Small toy figures are seen in front of Zoom logo in this illustration picture taken March 15, 2021. REUTERS/Dado Ruvic/Illustration
(Reuters) -Zoom Video Communications Inc on Monday raised its annual revenue forecast, betting on hybrid work trends to sustain demand for its video-conferencing services.
Shares of the San Jose, California-based company rose nearly 5% in trading after the bell.
Zoom became a household name during lockdowns as companies and people turned to the platform to stay connected. Now, the firm is seeking to retain customers with expanded offerings such as online webinars, workspaces and other cloud-calling products.
The company has also said it would integrate more artificial intelligence into its products at a time of slow consumer spending and tough competition.
Revenue for the quarter ended April 30 was $1.11 billion, compared with analysts’ average expectation of $1.08 billion, according to Refinitiv data.
The company now expects annual revenue between $4.47 billion and $4.49 billion, compared with $4.44 billion to $4.46 billion forecast earlier.
