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Zoom share declines after results as Wall Street becomes more cautious about growth

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November 22 (Reuters)-Zoom Video Communications Inc (ZM.O)’s third-quarter revenue growth is about 6 shares as demand for video conferencing tools eases from last year’s pandemic-fueled highs. It slowed down to 35% because it decreased by%. on Monday.

According to Zoom, revenue for the quarter ending October 31 was $ 1.05 billion after a 54% increase in the previous quarter and a 360% surge in the same period last year.

The pandemic winner, stocks, fell to $ 227.5 in long-term trading after losing about 28% this year.

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In addition, fierce competition between Cisco (CSCO.O) conferencing tool Webex and Microsoft (MSFT.O) teams makes it difficult for Zoom to reach corporate customers.

To retain users, the company announced a variety of new products, including an event platform that allows businesses to host large meetings, Zoom Phone, a cloud calling service, and Zoom Rooms, an internal meeting feature.

Joe McCormack, senior analyst at Thirdbridge, said, “Their room and telephone business has a penetration rate of less than 5%, leaving ample runways for growth, even within existing capabilities. It seems to mean that you are doing it. “

Investment bankers and analysts warn that Zoom faces some hurdles to sustain growth after a $ 14.7 billion bid to acquire call center software company Five9 Inc (FIVN.O) failed. doing.read more

Still, according to Refinitiv data, Zoom reported an adjusted earnings of $ 1.11 per share, above Wall Street’s estimate of $ 1.09 per share.

The company also forecasts higher-than-expected sales and revenues this quarter, raising its full-year sales estimate from about $ 4.01 billion to about $ 4.08 billion.

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Reported by Akash Sriram and Eva Mathews in Bangalore.Edited by Amy Karen Daniel

Our Standard: Thomson Reuters Trust Principles.

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2/ https://www.reuters.com/technology/zoom-beats-quarterly-revenue-estimates-2021-11-22/

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