Zoom shares soared 13% after publication of quarterly earnings – Kommersant
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American technology company Zoom Video Communications published quarterly reporting, which turned out to be better than analysts’ forecasts. Thus, sales in the last quarter increased by 2.6% and amounted to $1.15 billion, while $1.13 billion was expected. Earnings per share amounted to $1.42, compared to analysts’ forecasts at $1.15. Net income for the quarter reached $298.8 million, while a year earlier for the same reporting period, Zoom had a net loss of $104.1 million.
As Zoom CFO Kelly Steckellberg noted, the figures would have been even higher if the sales reorganization process had not occurred in the fourth quarter. Meanwhile, the number of corporate clients of Zoom, which provides video conferencing services, also increased: at the end of the quarter there were 220.4 thousand. At the end of the entire 2024 financial year, revenue increased by 3.1%, to $4.5 billion, net profit reached $637.5 million, while in 2022 this figure was $103.7 million.
Given the results, the company announced a $1.5 billion share buyback. Zoom management is making moderate forecasts for the current quarter and year, expecting growth of 1-2% in sales and earnings per share. The company’s shares on the NASDAQ stock exchange during electronic trading after the close of the main session on February 26 reacted to the reporting by soaring by 13%.
Why was the video conferencing service fined in Russia? Find out in the Kommersant FM article “The court entered Zoom”.
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