Zoom Q3 revenue rises 5% to $1.1B, stocks fall

Monday, 21. November 2022 22:07

Zoom Video Communications Inc. said on Monday that its revenue in the third fiscal quarter of 2023 increased by 5% on an annual basis to reach $1.1 billion, with the number of customers contributing over $100,000 over the past year soaring as much as 31%. Still, Zoom announced a cut to its annual revenue forecast.

The company's GAAP operating income tumbled about 77% to $66.5 million, with net income plunging to $48.4 million or $0.16 per share. Net cash from operating activities declined by a quarter to $295.3 million. The number of enterprise consumers rose 14% to 209,300.

"Our customers are increasingly looking to Zoom to help them enable flexible work environments and empower authentic connections and collaboration. Proactively addressing these needs with Zoom's expanding platform continues to be our focus in this dynamic environment," CEO Eric Yuan noted in the report.

Zoom's stock dropped about 3% in the after-hours trade despite the Q3 revenue pushing above guidance.

Related Links: Zoom Video Communications Inc.
Author:
Baha Breaking News (BBN) / ND