Zoom forecasts annual profit above estimates, shares rise | – #Zoom #forecasts #annual #profit #estimates #shares #rise

February 27 (Reuters) – Zoom on Monday Video Communications Inc ( ZM.O ), from cost-cutting measures and the ongoing transition to hybrid business models video forecast annual profit above Wall Street estimates, benefiting from continued demand for its conferencing service.

Shares of the San Jose, Calif.-based company rose 6% in after-bell trading.

During the pandemic, Zoom became popular when many organizations flocked to its platform to easily communicate with their 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.

According to Refinitiv data, Zoom annual earnings per share 4.11 dollars and 4.18 per share dollars predicts between 3.66 per share dollars is estimated.

Earnings for the quarter ended January 31, according to analysts’ average of 1,10 billion 1.12 compared to the expected dollar billion was dollars.

Latest updatesTechnology categoryMeta builds team focused on AI products, article with galleryGalleryTechnologycategoryAB says Big Tech ‘fair share’ debate dominates mobile meeting, videoArticle with video

See 2 more stories

However, the company’s fiscal 2024 revenue is expected to be 4.60 per analyst average billion compared to $4.44 billion to $4.46 billion.

Reporting by Tiyashi Datta in Bengaluru; Edited by Shinjini Ganguly and Krishna Chandra Eluri

Our standards: Thomson Reuters Trust Principles.

2023-02-28 02:20:32
Source – reuters

Translation“24 HOURS”