Zoom Video Communications Inc ZM shares are trading lower in Monday's after-hours session after the company reported better-than-expected results, but issued guidance below analyst estimates.
What Happened: Zoom said third-quarter revenue increased 5% year-over-year to $1.1 billion, which narrowly beat average analyst estimates, according to Benzinga Pro. The company said its strong top-line results were driven by continued momentum in enterprise.
Zoom reported third-quarter earnings of $1.07 per share, which beat average analyst estimates of 84 cents per share.
"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," said Eric S. Yuan, founder and CEO of Zoom.
Zoom expects fourth-quarter revenue to be between $1.095 billion and $1.105 billion versus average analyst estimates of $1.12 billion. The company expects full-year revenue to be between $4.37 billion and $4.38 billion versus estimates of $4.4 billion.
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ZM Price Action: Zoom has a 52-week high of $251.70 and a 52-week low of $70.44.
The stock was down 3.48% in after hours at $77.47 at time of publication.
Photo: courtesy of Zoom.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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