Investing
Zoom forecast annual profit above estimates, shares up
![](https://personalfinancedefined.com/wp-content/uploads/2023/02/Zoom_800x533_L_1595406331jpg_800x533_L_1630395102.jpg)
© 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/File Photo
(Reuters) -Zoom Video Communications Inc on Monday forecast annual profit above Wall Street estimates, benefiting from cost-cutting measures and steady demand for its video-conferencing service from the ongoing shift to hybrid work models.
Shares of the San Jose, California-based company rose 6% in trading after the bell.
Zoom became a household name during the pandemic when many organizations stuck with lockdowns flocked to its platform to maintain easy communication with its employees.
The company has expanded its offerings to include connected conference rooms, cloud-calling products, workspaces and online webinars to attract both small and large businesses amid high competition and slow economic growth.
Zoom forecast annual profit between $4.11 per share and $4.18 per share, compared with estimates of $3.66 per share, according to Refinitiv data.
Revenue for the quarter ended Jan. 31 was $1.12 billion, compared with analysts’ average expectation of $1.10 billion.
However, the company expects fiscal 2024 revenue to be between $4.44 billion and $4.46 billion, compared with analysts’ average estimate of $4.60 billion.
Read the full article here
![](https://personalfinancedefined.com/wp-content/uploads/2023/02/pf-logo.png)
-
Personal Finance5 days ago
Americans reveal their biggest financial regret about potential retirement
-
Investing6 days ago
Israel stocks lower at close of trade; TA 35 down 0.88% By Investing.com
-
Side Hustles6 days ago
5 Key Strategies for Attracting and Retaining Top Talent
-
Passive Income4 days ago
5 Ways to Push Past Your Comfort Zone
-
Make Money6 days ago
A Labor Day Salute to You — the American Worker
-
Personal Finance6 days ago
Fed interest rate cuts won't help your credit card debt
-
Passive Income6 days ago
Work Smarter with 12 Months of Microsoft 365 for Just $45
-
Passive Income5 days ago
How to Keep Your Apps Up to Date