Shares of Zoom Video Communications, Inc. (ZM) are down 7 percent on Tuesday's trading after the company reported lower profit in the third quarter and reduced its outlook for the year ahead.
The company's net income fell to $48.4 million or $0.16 per share in the third quarter from $340.3 million or $1.11 per share in the same period last year. Excluding items, income was $323.2 million or $1.07 per share, down from $338.4 million or $1.11 per share in the year-ago quarter.
Looking ahead, the company lowered its revenue outlook for full year 2023. It now expects revenue between $4.37 billion and $4.38 billion and adjusted EPS between $3.91 and $3.94. Earlier, Zoom expected total revenue between $4.39 billion and $4.40 billion and adjusted EPS between $3.66 and $3.69.
Currently at $74.24, the stock has traded between $70.43 and $235.97 during the past 52 weeks.
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