logo
  

Zoom Q3 Profit Tops Estimates, Sees Q4, FY Results Above View; But Stock Down

Zoom Video Communications Inc. (ZM) reported that its net income attributable to common stockholders for the third quarter of fiscal year 2022 rose to $340.3 million or $1.11 per share from $198.4 million or $0.66 per share in the third quarter of fiscal year 2021.

ZM closed Monday regular trading at $242.28 down $9.02 or 3.59%. In the after-hours, the stock further dropped $15.28 or 6.31%.

Non-GAAP net income for the third quarter was $338.4 million or $1.11 per share compared to $297.2 million or $0.99 per share last year. Analysts polled by Thomson Reuters expected the company to report earnings of $1.09 per share for the third-quarter. Analysts' estimates typically exclude special items.

Total revenue for the third quarter was $1.05 billion, up 35% year over year. Analysts expected revenue of $1.02 billion for the third quarter.

At the end of the third quarter of fiscal year 2022, Zoom had 2,507 customers contributing more than $100,000 in trailing 12 months revenue, up about 94% from the same quarter last fiscal year. The company had about 512,100 customers with more than 10 employees, up about 18% from the prior year.

For fourth quarter of fiscal year 2022, the company projects non-GAAP income from operations to be in the range of $361.0 million - $363.0 million, non-GAAP earnings per share of $1.06 - $1.07, and total revenue of $1.051 billion - $1.053 billion. Analysts expect the company to report earnings of $1.05 per share and revenues of $1.02 billion for the fourth-quarter.

Looking ahead for fiscal year 2022, the company expects non-GAAP income from operations to be in the range of $1.598 billion - $1.600 billion, non-GAAP earnings per share of $4.84 - $4.85. Total revenue is expected to be between $4.079 billion and $4.081 billion, representing about 54% year-over-year growth. Analysts expect the company to report earnings of $4.78 per share and revenues of $4.02 billion for the fiscal year 2022.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Precision care innovator GE HealthCare Technologies, Inc., recently spun-off from General Electric Co., reported on Monday that profit for the fourth quarter declined from last year, reflecting higher interest and other financial charges. The company also initiated adjusted earnings guidance for the full-year 2023. Japanese auto major Toyota Motor Corp. has retained its title as the world's top selling automaker in fiscal 2022 for the third straight year, by selling around 10.5 million vehicles. The global sales were nearly flat with last year amid solid demand centered around Asia, while global production grew with increased capacity and production optimization in North America and Asia. Dutch consumer electronics giant Philips Electronics NV reported Monday a loss in its fourth quarter, compared to prior year's profit, even as sales increased. The company further declared a dividend, and said its order book remains strong. Going ahead, the company projects comparable sales growth in fiscal 2023, 2025, and beyond.
RELATED NEWS
Follow RTT