:Zoom Video Communications Inc forecasts full-year profit Monday to beat Wall Street expectations. This benefited from cost-cutting measures and steady demand for video conferencing services due to the ongoing shift to hybrid work models.
Shares of the San Jose, Calif.-based company rose 6% in trading after the bell.
Zoom became a household name during the pandemic when many organizations stuck to lockdowns and flocked to its platform to maintain easy communication with employees.
The company has expanded its offerings to include connected meeting rooms, cloud calling products, workspaces and online webinars, attracting both small businesses and large enterprises amid fierce competition and slowing economic growth.
Zoom expects annual earnings of $4.11 to $4.18 per share, according to Refinitiv data, but an estimate of $3.66 per share.
Earnings for the quarter ended Jan. 31 were $1.12 billion, compared with the average analyst expectation of $1.1 billion.
However, the company expects revenue to be between $4.44 billion and $4.46 billion in fiscal 2024, while the average analyst estimate is $4.6 billion.
https://www.channelnewsasia.com/business/zoom-forecast-annual-profit-above-estimates-shares-3310251 Zoom forecasts better-than-expected annual profit, gains market share