Zoom Video Communications Inc ZM reported fourth quarter and full fiscal year financial results after market close Monday. Here are the key highlights for investors.
What Happened: Zoom reported fourth-quarter revenue of $1.07 billion, up 21% year-over-year and ahead of a consensus estimate of $1.05 billion, according to Benzinga Pro. The company reported full fiscal year revenue of $4.1 billion, up 55% year-over-year.
Zoom reported earnings per share of $1.29, beating the consensus estimate of $1.05 per share.
Zoom reported the number of customers that represent $100,000 or more (2,275) in trailing 12-month revenue were up 66% year-over-year. The company ended the year with 509,800 customers, up 9% year-over-year.
What’s Next: Along with announcing quarterly earnings, Zoom announced its Board of Directors authorized the purchase of up to $1 billion in shares. The stock buyback program will end in February 2024.
Zoom is guiding for first-quarter revenue of $1.07 billion to $1.075 billion, below a street estimate of $1.1 billion. The company sees first-quarter EPS coming in a range of 86 cents to 88 cents per share.
For the full fiscal year of 2023, Zoom is guiding for revenue in a range of $4.53 billion to $4.55 billion. The estimate is currently $4.71 billion from analysts.
“Looking forward, we are addressing a large opportunity as we expect customers will continue to transform how they work and engage with their customers,” Zoom founder and CEO Eric Yuan said.
ZM Price Action: Zoom shares are down 5% to $127.24 in after-hours trading Monday.
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