Zoom 3Q earnings miss estimates but shares move higher on raised sales guidance By Proactive Investors

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Zoom 3Q earnings miss estimates but shares move higher on raised sales guidance

Published Nov 20, 2023 16:21 Updated Nov 20, 2023 16:45

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Zoom 3Q earnings miss estimates but shares move higher on raised sales guidance

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Proactive Investors - Zoom Video Communications Inc (NASDAQ:ZM) shares moved higher after Monday’s closing bell as the video conferencing platform raised its full-year sales guidance.

For 2023, Zoom now expects revenue between $4.506 billion and $4.511 billion and adjusted earnings per share between $4.93 to $4.95.

This tops estimates of $4.49 billion and $4.66, respectively.

“Our strong performance across a number of metrics has enabled us to increase our full-year outlook for revenue and non-GAAP profitability, as well as for free cash flow, which we now expect to be in the range of $1.34 billion to $1.35 billion, up approximately 13% year over year," Zoom CEO Eric Yuan said in a statement.

Zoom also projected greater-than-expected profits for 4Q, expecting adjusted EPS in the range of $1.13 to $1.15, above estimates of $1.08.

Revenue is projected to be in the range of $1.125 billion to $1.13 billion, in line with estimates.

For the third quarter which ended on October 31, Zoom posted revenue of $1.14 billion, above Wall Street estimates of $1.12 billion.

Adjusted earnings per share were $1.07, just shy of the expected $1.08.

Shares of Zoom gained 3.5% at $68.25 aftermarket Monday.

Follow her on X, formerly known as Twitter, @emilyjjarvie

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